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Shorenstein Company Acquires Controlling Interest in Landmark Fort Lauderdale Office Tower San Francisco, CA, - March 30, 2005 - Shorenstein Company, one of the leading private investment fund sponsors investing in major office buildings in the United States, closed on the purchase of a controlling joint venture interest in Las Olas City Centre, a recently completed 23-story Class A office building in downtown Fort Lauderdale, FL. The 408,063 square foot building, also known as Bank of America Plaza at Las Olas City Centre, was developed in late 2002 by the Stiles Corporation, one of the oldest established commercial developers in South Florida and the leading owner/operator of office space in downtown Fort Lauderdale. Stiles retains a minority interest in the ownership entity, and will provide leasing and management services to the venture. The building is currently 76 percent leased; major tenants include Bank of America, the law firm of Greenberg Traurig, and UBS Financial Services. "This is an excellent opportunity to own a high quality asset in a market where office employment is projected to grow at twice the rate of most other markets around the country. Stiles Corp. has been a leader in the development and enhancement of downtown Fort Lauderdale and we look forward to working in partnership with Stiles to add further value to this property," said Doug Shorenstein, Chairman and CEO of Shorenstein Company. "Having a major national force like Shorenstein Company partner with us on Las Olas City Centre is a significant indicator of the growing attractiveness of the Fort Lauderdale office market to institutional investors," said Doug Eagon, President of Stiles Corporation. Shorenstein Company is no stranger to South Florida's office markets. In 2002, the company sold First Union Financial Center in Miami (now known as Wachovia Financial Center), which it owned for almost six years. This purchase completes acquisitions on behalf of Shorenstein Company's sixth investment fund, which was raised in 2001 with $609M in committed capital. Fund Six invested in ten major assets in New York City, Philadelphia, Chicago, Washington, DC, San Francisco, Sacramento, and Fort Lauderdale. Since 1992, Shorenstein Company has sponsored a series of closed-end investment funds. The company has acquired and developed through these funds over 16 million square feet at a gross acquisition/development cost in excess of $3.3 billion. In investing these funds, Shorenstein uses its investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. As a result, fund investments have included everything from ground-up development to execution of asset repositionings to acquisition of stabilized assets. Investment structures have included 100% acquisitions, preferred equity investments, mezzanine loans and structured joint ventures. ### About Shorenstein Company: Shorenstein Company (www.shorenstein.com) is a premier private owner and operator of Class A office buildings in the United States with a portfolio of more than 17 million square feet. The company is engaged in all aspects of office building investment, development, financing, leasing, and management. Since 1992, Shorenstein has sponsored a series of closed-end investment funds that have invested in Class A office projects located throughout the United States. Investors in these funds have included prominent foundations, endowments, pension funds and high net worth individuals. As the Sponsor of these funds, Shorenstein has delivered attractive risk-adjusted returns to investors by employing a disciplined value-added strategy.