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Shorenstein Company Closes Purchase of SF Bay Area Office Tower Silicon Valley Buy on Behalf of Seventh Real Estate Investment Fund San Francisco, CA, - April 13, 2005 - Shorenstein Company, a leading private investment fund sponsor investing in major office buildings in the United States, closed on the purchase of WebEx Tower, a 283,135 square foot, 12-story, Class A office building in Santa Clara, CA. Terms of the purchase were not disclosed. The purchase is Shorenstein's first in Silicon Valley and the first acquisition for its seventh real estate investment fund. WebEx Tower is 96 percent leased, and serves as the world headquarters of WebEx Communications, a provider of online meeting and business communication services. Other major tenants include Witness Systems and Silicon Valley National Bank. "We like the long term outlook for the Peninsula and Silicon Valley markets and are happy to announce our first acquisition in this market. WebEx Tower, with its prime location close to Highway 101, structured parking facilities, strong rent roll, and excellent tenant improvements, is positioned to be one of the premier office buildings in this market for years to come," said Doug Shorenstein, Chairman and CEO of Shorenstein Company. Since 1992, Shorenstein Company has sponsored a series of closed-end investment funds. The company has acquired and developed through these funds over 16.7 million square feet at a gross acquisition/development cost in excess of $3.3 billion. In investing these funds, Shorenstein applies its investment and operating capabilities to capitalize on 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 asset repositionings to 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.