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Shorenstein Company Closes Seventh Investment Fund San Francisco, CA, - February 23, 2004 - Shorenstein Company has announced the closing of Shorenstein Realty Investors Seven, L.P., the company's latest office real estate investment fund. The new fund was first opened to subscription in July 2003 and held its final closing on February 5, 2004 with total committed equity of $775M. Since Shorenstein typically uses acquisition debt in the range of 60-65% of cost, this fund will have capacity to acquire approximately $2.2 billion in office assets. Investors in the fund include foundations, college endowments, pension funds and high net worth families. "The high level of investor interest in this fund validates our proven strategy of investing only in premier office assets with demonstrated and sustainable leasing advantages over the competition and of being highly disciplined in our underwriting," said Douglas Shorenstein, Chairman and CEO of Shorenstein Company. "I believe the substantial capital committed to this fund on a fully discretionary basis combined with our deep investment and operating resources position this new fund to take advantage of the best opportunities available in the market," he added. This new fund will pursue the same strategy as Shorenstein's previous funds, seeking to acquire large, complex and management-intensive office properties in major U.S. markets where Shorenstein can add value through its extensive in-house investment, asset management, leasing and operating capabilities. Since 1992, Shorenstein has sponsored a series of closed-end real estate investment funds. These funds have acquired and developed over 16M square feet of Class A office properties throughout the United States. Properties acquired by Shorenstein's previous funds include 500 West Monroe Street, a 959,000 square foot building in Chicago; 450 Lexington Avenue, a 911,000 square foot building in New York City; Bay Colony Corporate Center, a 1,000,000 square foot office park in suburban Boston; Hamilton Square, a 237,000 square foot building in Washington, D.C.; Hills Plaza, a 609,000 square foot two-building project in San Francisco; and First Union Financial Center, 1,144,000 square foot building located in Miami. ### About Shorenstein Company: Shorenstein Company, privately owned and headquartered in San Francisco, is the owner and operator of a portfolio of Class A office buildings located throughout the United States totaling more than 20 million square feet and valued in excess of $4.5 billion. The company is engaged in all aspects of office building investment, development, financing, leasing, construction, and management. Since 1992, Shorenstein has sponsored a series of closed-end real estate investment funds, which have invested in Class A office projects located throughout the United States. Investors in these funds include foundations, college endowments, pension funds and high net-worth families. As the manager of these funds, Shorenstein has delivered attractive risk-adjusted returns to investors by employing a disciplined value-added strategy.