SAN FRANCISCO, - October 19, 2000 - Shorenstein Company has completed the sale of Franklin Avenue Plaza, a four building office complex located in Garden City, NY. The purchaser is Cammeby's International Ltd., a New York-based real estate investment firm. Terms of the transaction were not disclosed.

Shorenstein Company purchased the 450,000 square foot property in 1995 when the property was 66% leased. The building is currently fully leased.

The property sits on a 12.3-acre site and includes four low-rise buildings and two multi-level parking garages. Major tenants in the property securities are Morgan Stanley Dean Witter, Merrill Lynch and Prudential. The submarket is known locally as the "Wall Street of Long Island".

John Grassi, Chief Investment Officer, Shorenstein Company, said: "We purchased Franklin Avenue Plaza at a time when there was little interest among most real estate investors for this particular suburban New York office market. Since purchasing the property we have worked hard to upgrade the property from a physical and financial standpoint and to substantially improve the quality and diversity of the tenants at the property. It is now one of the most prominent properties in the area."

Grassi indicated that the timing of this sale is in line with Shorenstein Company's value-added investment philosophy. "We buy in capital constrained markets, add value through our real estate expertise and sell when we believe the market has satisfactorily priced that value into the transaction," he said.

The Garden City property is the second asset to be sold by the Shorenstein Company this year. In June, the company sold its interest in 50 Fremont, a Class A office building in downtown San Francisco. Last week, the company announced it was exploring a possible recapitalization of the 1.8 million square foot Bank of America Center, also in San Francisco. Shorenstein Company has also been an active acquiror of assets in certain markets this year. In February, the company purchased Energy Centre, a 39-story office building in downtown New Orleans and, in June, closed on the purchase of Prudential Plaza, a 2.1 million square foot office complex in Chicago. The company is also developing a 450,000 square foot office property in downtown Oakland.

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