The REIT's common stock is hitting the street at $10.66 pershare for purchases from commission-based financial advisers.Initial prices for shares bought from fee-based firms are initiallypriced at $9.68 apiece. The locally based Hines REIT also isoffering up to $500 million of common stock at $10.13 per shareunder its dividend reinvestment plan. Hines Real Estate SecuritiesInc. is the fund's dealer manager. The fund's anticipatedtermination date is July 2010.

The REIT's manager can deploy capital into non-officeproperties, loans and ground leases under the offering terms. HinesREIT's current portfolio is a mix of direct and indirect interestsin 46 properties, of which 43 are office assets located in the US.The REIT also owns an industrial property in Dallas and another onein Rio de Janeiro and a mixed-use office and retail development inToronto.

According to the REIT's SEC filing, 90% to 92% of gross proceedsare earmarked for acquisitions. As would be expected, the criteriais based on location, asset quality and quality tenants. Based onthe filing, there are no purchase contracts in hand--as yet.