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Atlanta Central Perimeter Purchase Exceeds $500 Million PHILADELPHIA, Feb. 5 /PRNewswire/ -- Rubenstein Partners announced today that an affiliate of Rubenstein Properties Fund, L.P. (the "Fund") in partnership with Barry Real Estate Cos. ("Barry") has acquired from Equity Office (NYSE:EOP), a portfolio of approximately 3.0 million square feet of Class A office buildings and properties located in Atlanta's Central Perimeter submarket. The overall deal between the Fund and Equity Office included approximately 3.5 million square feet of office buildings, and, as part of the transaction, Rubenstein Partners negotiated and executed the disposition of approximately 500,000 square feet to two third-party buyers. The acquisition was made in partnership with principals of Barry, a preeminent Atlanta development, leasing and management firm, which has also been retained to manage and lease the properties. The seller, Equity Office, operated in concert with The Blackstone Group under the terms of their pending merger agreement. The portfolio includes Class A office assets, several redevelopment properties and two separate parcels that are ground leased. The Class A office assets include The Terraces, a premier one-million-square-foot office building project located directly across from the Perimeter Mall, 7000 Central Park, Sterling Pointe I & II and 64 and 66 Perimeter Center East. These buildings are characterized by high-quality in-place tenants, excellent amenities, and a history of attracting some of Atlanta's most prominent corporate clients. The portfolio's re-development opportunities include 41, 47, 53 and 56 Perimeter Center East, as well as Lakeside Office Park, which has a total of approximately 400,000 square feet and sits on one of the best located land parcels in Metro Atlanta. The Central Perimeter investment, which is the Fund's first investment in Atlanta and second investment since the Fund's closing, is consistent with Rubenstein Partners' (the investment manager for the Fund) focus on large, complex value-added office investments. The portfolio is currently 78% leased, located in a recovering submarket, and given its size offers the complexity and scale for Rubenstein to leverage its platform. A key factor to the Fund's success in acquiring the portfolio was Rubenstein Partners' and Barry's ability to underwrite the purchase and to structure numerous complicated transactions related to the acquisition efficiently. Between the period of January 1, 2007 and February 1, 2007, Rubenstein Partners and Barry were able to underwrite the acquisition; negotiate and execute the purchase contract for the portfolio; structure and obtain third-party financing; structure and execute a joint venture; negotiate and execute the sale of 245 Perimeter Center to Novare Development Group and negotiate and execute the sale of 9000 Central Park to a joint venture of Ackerman & Co. and AEW Capital Management, L.P. "The acquisition of this portfolio fits squarely within our stated strategy to purchase assets ready for re-development in high growth markets," said David Rubenstein, senior managing principal of Rubenstein Partners. "We are pleased that we were able to secure this opportunity, based largely on the fact that we were able to evaluate and execute more quickly than our competitors. Our people, in concert with our partners at Barry, were willing to put in the time and effort that resulted in our being the only prospective purchaser able to close within the seller's desired schedule and meet all of their requirements. The Barry Company is a very talented group of professionals, who I believe will ultimately grow the company to be one of the Southeast's top developers," Rubenstein added. Brian Lipson, managing principal of Rubenstein Partners, remarked, "The ability to secure and close a deal of this complexity within such a short period of time is precisely why I joined forces with David and the rest of the Rubenstein Partners team." Lipson further commented that, "This portfolio presents an exciting spectrum of opportunities to capitalize on the recent urbanization of the Central Perimeter market. One-half of the portfolio consists of very well located, high-quality Class A properties and the balance offers significant redevelopment options for new commercial, residential, retail and hospitality properties. We are fortunate that our relationships with Equity Office, Blackstone, CB Richard Ellis and the Barry organization combined with our capability to manage and develop office and mixed-use properties, regardless of scale or complexity, positioned us to capture this large scale investment for the Fund." About Rubenstein Partners Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by David Rubenstein and a select group of former senior real estate executives from The Rubenstein Company, L.P., and is focused on directing and managing value-added office real estate investments, primarily in the Eastern Time Zone of the United States. The firm is also a member of the Independence Capital Partners family of private equity funds, which provides the Fund with additional access to the office components of both mixed use and distressed asset projects as well as the ability to participate in mezzanine financing throughout the United States (http://www.rubensteinpartners.com/). About Barry Real Estate Cos. Founded in 1995 by Hal Barry and Chris Schoen, Barry Real Estate Cos. is a full-service commercial real estate firm specializing in office, hotel and mixed-use development, marketing and management, with a primary emphasis on the Southeast. Barry Real Estate Cos. has been responsible for the development and renovation of over 4 million RSF of office space, with major tenants including General Electric Company, Nike, Ernst & Young, Fortis, EarthLink, The Travelers Insurance Company, Toyota Motor Credit Corp., Nortel Networks, The Hartford, Bradley, Arant, Rose & White, Cingular Wireless, Lafarge North America and Transamerica. Barry Real Estate Cos. also recently completed the development of the new Southern Co. headquarters at Allen Plaza in downtown Atlanta. Barry Real Estate Cos. has established a niche in the constantly changing real estate marketplace by operating under a tenant-driven development and service-oriented strategy. http://www.barrycompanies.com/ DATASOURCE: Rubenstein Partners CONTACT: Michael O'Callaghan of Rubenstein Partners, +1-215-399-4572, Web site: http://www.rubensteinpartners.com/ http://www.barrycompanies.com/

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