San Francisco (September 5, 2006) – Shorenstein Properties LLC, a leading sponsor of private real estate investment funds and owner and operator of office properties throughout the United States, and Wright Runstad & Company, a prominent Seattle-based commercial real estate developer and manager, announced the formation of a joint venture and the acquisition of Seattle Trade and Technology Center, a 100-percent leased, 340,000 square foot Class A office building and its adjacent 600-stall parking garage located in downtown Seattle’s Waterfront submarket, an area which in recent years has emerged as a dynamic hub for the high-tech and biotech industries. Terms of the purchase were not disclosed.

The six-story, 340,000 square foot Seattle Trade and Technology Center was originally built in two phases between 1917 and 1925 to provide warehouse and manufacturing facilities for the American Can Corporation. The property was renovated in 1976 and converted to use as an apparel mart. In 1998, the property was converted to high quality office space following an extensive $16 million renovation. RealNetworks, Inc., a leading provider of internet based digital media content and services, is the property’s majority tenant. The balance of the property is leased to The Art Institute of Seattle, a leading provider of accredited design, technology and hospitality related education.

This purchase marks Shorenstein’s second venture with Wright Runstad. In October 2005, Shorenstein acquired an interest in an existing Wright Runstad-sponsored partnership that owns a 50 percent interest in the 1.1 million square foot Washington Mutual Tower in the heart of Seattle’s financial district.

About Shorenstein Properties LLC:
San Francisco-based Shorenstein Properties LLC (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. 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.

About Wright Runstad & Company:
Seattle-based Wright Runstad & Company (www.wrightrunstad.com) develops, acquires, manages and leases high quality commercial office buildings located primarily in the Pacific Northwest. Wright Runstad has a near 35-year history as one of the nation’s premier real estate development and operating companies, delivering outstanding property performance and superior investment returns on its own and third-party invested capital. Wright Runstad maintains an exceptional reputation amongst tenants and institutional capital for its demonstrated commitment to integrity and high levels of quality and service.