San Francisco, CA, - February 5, 2002 - Shorenstein Company LLC, today announced it has closed the acquisition of 500 West Monroe Street, a 950,000-square-foot, Class A office tower in Chicago's West Loop on behalf of its sixth investment fund. The purchase price was not disclosed.

The acquisition is the first completed for the $610M real estate private equity fund raised by Shorenstein last summer. Like the Company's five prior funds, the sixth fund was formed specifically to invest in high quality office buildings throughout the United States.

"Chicago is a deep and strong market and this is a prime asset within one of Chicago's most attractive submarkets," said Douglas Shorenstein, CEO and Chairman of Shorenstein Company LLC "While 500 West Monroe is a top quality physical asset and is already delivering strong numbers, we feel we can add significant value to the property over the holding period through proactive and strategic management and leasing," he added.

The 500 West Monroe Street building was completed in 1991 and is 100% occupied. Current tenants include GE Capital Corporation, GATX Corporation, Marsh USA and the Federal Deposit Insurance Corporation. The property is located at the corner of Monroe and Canal Streets, with easy access to Union Station and Chicago Northwestern Station as well as the interstate system serving downtown Chicago. The property includes the largest in-building parking structure in Chicago, ten full levels of parking capable of accommodating 1,330 vehicles.

The purchase is Shorenstein's third in Chicago since 1998 and brings the company's holdings in the city to more than four million square feet. The company's other Chicago investments are JOHN HANCOCK CENTER and Prudential Plaza.

Founded in the 1920s and headquartered in San Francisco, Shorenstein Company is one of the longest established, privately-held real estate investment and management firms in the country, specializing in high-quality office properties.

Shorenstein Company currently owns and operates over 22 million square feet of prime commercial office space around the United States. In recent years, Shorenstein Company has sponsored and invested through a series of closed-end investment funds. Since 1992, the company has acquired and developed through these vehicles more than 13 million square feet at a gross acquisition/development cost in excess of $2.5 billion.