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Margaret Kirch Cohenmargaret.cohen@morningstar.com
Morningstar and the Mills Corporation Sign Letter of Intent to Lease Office Space at 108 North State Street

CHICAGO (Sept. 1, 2005) – Morningstar, Inc. (Nasdaq: MORN) and The Mills Corporation (NYSE: MLS) today announced that Morningstar has signed a letter of intent to lease office space at 108 North State Street.  The companies expect to execute a definitive agreement by the end of the year. Morningstar would be the office tower’s largest tenant, initially occupying seven floors totaling approximately 185,000 square feet.

“The 108 North State Street development is a great fit with Morningstar’s culture – it’s creative, innovative and technologically oriented,” said Joe Mansueto, CEO of Morningstar. “This is an important development in a vibrant part of Chicago.”

“We are pleased that Morningstar intends to join us as we transform 108 North State Street into one of the country’s most exciting urban addresses.  The letter of intent Morningstar has signed is an important first step in our leasing process, and Morningstar is another example of the quality tenants we anticipate bringing into the project," said Steven J. Jacobsen, executive vice president of development of The Mills Corporation. "We believe that 108 North State Street will be a premiere destination for retail, dining and entertainment, and companies such as Morningstar and CBS Channel 2 have indicated that they recognize the location is a superb option in Chicago's Loop for their employees and long-term space needs." 

Morningstar would tentatively move in March 2008. The company has occupied space at 225 W. Wacker Drive since January 1994 as part of a 15-year lease. Morningstar employs approximately 700 people in Chicago.

“Our current lease expires in early 2009, and we’ve spent the last 18 months conducting a thorough search for office space, including our current location,” said David Williams, managing director of design for Morningstar and the executive who has been leading the office space search. “We believe we’ve selected a location that makes sense financially and that offers many benefits to our employees.”

About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in the United States and in major international markets. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 125,000 investment offerings, including stocks, mutual funds, and similar vehicles. The company has operations in 16 countries.

About 108 North State Street
Located in the heart of the City of Chicago, 108 North State Street will be a 21st century urban retail, entertainment and lifestyle destination.  The new Chicago icon will feature approximately 400,000 square feet of retail, entertainment and dining offerings; 200,000 to 450,000 square feet of office space; a 200- to 300-room hotel; a 200- to 300-unit residential tower; and a state-of-the-art CTA transit station providing service to and from Chicago’s O’Hare and Midway airports. 


About The Mills Corporation
The Mills Corporation, based in Arlington, Va., is a developer, owner and manager of a diversified global portfolio of retail destinations including regional shopping malls, market dominant retail and entertainment centers, and international recreation and leisure centers.  It currently owns 42 properties in the United States, Canada and Europe, totaling approximately 51 million square feet.  In addition, The Mills has various projects in development, redevelopment or under construction around the world.  Its portfolio of real estate properties generated more than $8.7 billion in retail sales in 2004.  The Mills is traded on the New York Stock Exchange under the ticker symbol: MLS.  For more information, visit the company’s Web site at www.themills.com.


Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance, or achievements.

Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in Morningstar’s and The Mills Corporation’s filings with the Securities and Exchange Commission, including Morningstar’s Prospectus filed on May 4, 2005.  The reader is directed to The Mills Corporation's and The Mills Limited Partnership's various filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K, and the most recent annual report on Form 10-K for a discussion of such risks and uncertainties.   If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement you read in this press release reflects the companies’ current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to their operations, results of operations, growth strategy, and liquidity. Neither company assumes any obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise.

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