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Shorenstein Joint Venture Acquires Premier Washington DC Office Building San Francisco, CA, - August 25, 2004 - Shorenstein Company, one of the leading private owner/operators of major office buildings throughout the United States, has formed a joint venture to acquire 1111 Pennsylvania Avenue, NW, a 331,000 s.f. office building in Washington, D.C. Shorenstein's joint venture partner is Presidential Equities LLC, an entity controlled and managed by New York-based investor Mark Karasick. Shorenstein will also handle property management and leasing on behalf of the joint venture. 1111 Pennsylvania Avenue, also known as the Presidential Building, is a 14-story, Class A office building located in Washington's East End submarket. The property was originally constructed in 1967 and completely redeveloped in 2002 for the law firm of Morgan, Lewis & Bockius LLP that occupies 100% of the office premises. The property also includes 21,800 square feet of retail space. The seller of the property was the estate of Laszlo N. Tauber. "1111 Pennsylvania Avenue is a high quality physical asset, with one of the country's leading law firms as its main tenant in an irreplaceable location," said Douglas Shorenstein, chairman and CEO of Shorenstein Company. "We are very pleased to add it to our portfolio." Shorenstein's investment in 1111 Pennsylvania Avenue was made on behalf of its sixth investment fund, a private commingled fund formed to make equity and debt investments in Class A office buildings located throughout the United States. This fund has made seven other investments since its formation in 2001 in assets located in New York, Sacramento San Francisco, Chicago, Philadelphia and Washington, DC. The fund is capitalized with $609 million of equity and is currently more than 85% invested. Shorenstein Company currently owns and operates over 17 million square feet of prime commercial office space throughout the United States. During the past decade Shorenstein has sponsored a series of closed-end investment funds. Since 1992 these funds have acquired and developed more than 16 million square feet at a gross acquisition/development cost in excess of $3.7 billion. ### 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.