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Shorenstein Closes Purchase of Land Parcel in San Francisco’s Mission Bay Submarket Parcel Entitled for up to 450,000 square feet of Commercial Use San Francisco, CA, - August 10, 2005 - Shorenstein Properties LLC, a leading sponsor of private real estate investment funds in the United States, has completed the purchase of a 3.8-acre parcel of land in San Francisco’s rapidly developing Mission Bay submarket. The parcel, the former site of an Esprit clothing warehouse, was acquired from ECOR-SF Holdings, Inc. Terms of the transaction were not disclosed. The land, which offers unobstructed views of San Francisco Bay, is entitled for up to 450,000 square feet of commercial office and retail or laboratory space. The Mission Bay submarket is a 303-acre mixed-use development which, upon completion, will include 6,000 units of housing; five million square feet of office, research & development, and biotech/laboratory space; a 500-room hotel; landscaped parks; and retail amenities. The University of California at San Francisco is in the early stages of developing a $1.5 billion biomedical research and teaching center at Mission Bay designed to contain a 2.65 million square foot campus and a hospital. Commenting on the purchase, Doug Shorenstein, Chairman and CEO of Shorenstein Properties, said: “We are extremely bullish on the Mission Bay area. The area is in the path of growth and this land parcel will prove to be a valuable asset for our seventh investment fund. This is one of the last independently-owned, developable commercial sites in the area and enjoys unobstructed views of the Bay. It is a highly attractive location for a wide variety of tenants including biotech and lifescience companies, healthcare organizations, professional service firms and academic institutions.” During 2005, Shorenstein Properties LLC has completed investment transactions on behalf of its investment funds involving nearly 7 million square feet of Class A office space. Last month the company closed on the acquisition of an ownership interest in a 2.3 million square foot office complex in New York and the purchase of a 363,000 square foot office building in Atlanta. Shorenstein has recently sold assets in Sacramento and New York. Since 1992, Shorenstein has sponsored a series of closed-end investment funds. The company has acquired and developed through these funds over 18.3 million square feet at a gross acquisition/development cost in excess of $3.7 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 investments, mezzanine loans and structured joint ventures. ### About Shorenstein Company: San Francisco-based Shorenstein Company (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 with aggregate capital commitments of $2.3 billion. 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.