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Shorenstein Purchases Seattle’s Blanchard Plaza Office Tower San Francisco, CA, - March 29, 2006 - Shorenstein Properties LLC, a leading sponsor of private real estate investment funds in the United States, announced its second major office purchase in Seattle with the acquisition of Blanchard Plaza, a 255,818 s.f. office tower. Shorenstein made its first foray into the Pacific Northwest just last October by purchasing a partnership interest in an entity which holds an ownership interest in Washington Mutual Tower, a 55-story office building located in the heart of Seattle's financial district. Shorenstein acquired Blanchard Plaza from a private partnership led by Meriwether Partners LLC, a Seattle-based real estate investment company. Terms of the purchase were not disclosed. The property is currently 90 percent leased. Approximately 60 percent of the building is leased long-term through the U.S. General Services Administration. Other major tenants include Northwest Architectural Company, one of the largest architectural firms in Washington State; Inspiration Media, an operator of five regional radio stations; and wireless phone service provider MCI. Commenting on the purchase, Douglas Shorenstein, Chairman and CEO of Shorenstein Properties, said: "We believe that Seattle's diverse economy is a positive factor for the office market and that strong historic and projected job growth makes the city one of the most attractive on the West Coast." Shorenstein added that Blanchard Plaza provides a unique combination of stable cash flow due to the current 90% occupancy, and an excellent future growth potential in one of the more dynamic submarkets in the city. Blanchard Plaza was built in 1982 by Canada's renowned development firm, Olympia & York - developers of many institutional quality office properties including New York's World Financial Center and Canary Wharf in London. The 15-story Seattle building's unique two-wing design offers sweeping 300-degree views of Puget Sound, the Olympic Mountains and downtown Seattle's skyline. The property occupies an extraordinary location at the confluence of Seattle's three most dynamic submarkets: Belltown to the west offers a thriving residential community; to the north is Paul Allen's South Lake Union master plan of life science bio-technology, office, residential and retail uses; and to the immediate south is the central business district which continues to creep northward. The property's location offers unobstructed views, less traffic congestion than downtown locations, convenient access to major arterials, and an abundance of parking options. Since 1992, Shorenstein has sponsored a series of closed-end investment funds. The company has acquired and developed through these funds over 19.1 million square feet at a gross acquisition/development cost in excess of 4.0 billion. In investing these funds, Shorenstein applies its investment and operating capabilities to capitalize on opportunities offering the most attractive risk-adjusted returns. As a result, fund investments have included everything from ground-up development to asset repositioning to stabilized assets. Investment structures have included 100% acquisitions, preferred equity, mezzanine loans and structured joint ventures. ### About Shorenstein Properties LLC: San Francisco-based Shorenstein Properties LLC (www.shorenstein.com) is one of the oldest and most successful private real estate investment companies active throughout the United States in the acquisition, development, ownership and management of high quality office properties. Since its beginning in 1924, the company has evolved from a regional real estate operating company to an active national investor and manager of commingled institutional capital. Since 1992, Shorenstein has sponsored seven closed-end real estate investment funds. Shorenstein’s substantial co-investment, integrated investment and operating strategy and strong performance have positioned the company as an experienced leader in the value-added arena. About Meriwether Partners LLC: Seattle-based Meriwether Partners LLC (www.meriwetherpartners.com) is active throughout the Pacific Northwest in the acquisition, development, and ownership of office, industrial, retail, and hotel properties. Since its beginning in 1999, the company has led private partnerships in the acquisition of over $130 million of real estate.