New York, NY - July 18, 2002 - Shorenstein Company today announced it has closed on the purchase of the leasehold interest in 450 Lexington Avenue, a 911,000 square foot office building atop the Grand Central Post Office in New York. The seller was 450 Lexington Venture, L.P. Terms of the transaction were not disclosed.

This is the first foray into ownership of a major NY office building for the privately-held nationwide investment firm. 450 Lexington was acquired by Shorenstein's sixth investment fund, SRI-6, which raised $609 million in equity last year. This is the third acquisition for the fund. Last month, the Shorenstein fund invested in Two Liberty Place, a 1.2 million square foot building in downtown Philadelphia. The fund already holds a major downtown Chicago office building, 500 W. Monroe.

450 Lexington was built in 1992 and enjoys a prime location at 45th Street and Lexington Avenue in Midtown Manhattan. The United States Postal Service will continue to own the ground and the post office building beneath the 32-story office tower.

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 partnerships. Since 1992, the company has acquired and developed through these partnerships more than 14.5 million square feet at a gross acquisition/development cost in excess of $2.5 billion.