Adolphus Tower Office Building Purchased by Miller Partnership

DALLAS, TX - March 22, 2005  -- A partnership formed by Vance C. Miller, Chairman of Henry S. Miller Companies, and Terry Gwin, President of HSM Equity Partners, Inc., has purchased the Adolphus Tower office building located at 1412 Main Street in downtown Dallas.  Recently renovated in 1998, this 27-story office building which contains 181,235 square feet of rentable space was built in 1954 and is currently 62% occupied.

"The Adolphus Tower is located in the heart of the Main Street Corridor, the epicenter of downtown's recent entertainment and residential rejuvenation.  The building has tremendous value in an area that is starting to gain momentum," says Mr. Miller.  This 10 block area has received over $550 million in public/private investments for new development projects since 1996.  During this time, over 800 loft units have been completed and an additional 850 units are currently being developed.  The residential population of downtown Dallas is projected to increase to 10,000 by 2010 and 30,000 by 2025.

Approximately 20 new retail businesses have moved to the Main Street District in the past year.  Over 120,000 people work within the CBD on a daily basis, making it the largest employment center in North Texas.  The increase in foot traffic will help stimulate the demand for downtown office space.  With the continuing trend of old office buildings being converted into residential, retail and restaurant space, the Adolphus Tower will be a welcoming site for the much needed office space.

"The increase in demand for vacant office buildings for conversion means decreasing office inventory that will dramatically improve downtown vacancy rates.  We plan to take the Adolphus Tower from 62% occupancy to 85% stabilization in 30 months time," explains Mr. Miller.  The tower's access to a large number of displaced tenants moving from other buildings, it's ability to provide space to small and medium sized tenants, superior location and the connection to the Adolphus Hotel are the foundations for a positive outlook with this prime office building and investment for the partnership.

Henry S. Miller Commercial, founded in 1914, is Texas’ largest independent commercial real estate firm and a member of The Commercial Network, one of the largest affiliations of commercial real estate firms in the nation.