SAN FRANCISCO, - August 29, 2001 - Shorenstein Company has announced the closing of Shorenstein Realty Investors Six (SRI Six), the company's latest real estate investment fund.

With an equity raise of $600M, SRI Six is the largest fund sponsored by Shorenstein to date. Investors in the fund include foundations, college endowments, pension funds and high net worth individuals. Shorenstein has committed $75M of its own capital to the fund.

Consistent with Shorenstein's investment strategy, SRI Six will invest in large Class A office assets in major markets the United States using acquisition debt in the range of 60-65% of cost. Since 1992, Shorenstein has sponsored a series of highly-successful investment funds that have generated attractive risk-adjusted returns by acquiring and selectively developing well-located properties and then using Shorenstein's in-house operating, management and leasing professionals to add value to the asset before pursuing an exit strategy.

"With our fifth fund about to be fully invested and the downturn in the national economy beginning to have an identifiable impact on capital flows in the Class A office sector, we feel that the timing of the equity raise for SRI Six affords us a tremendous opportunity to build yet another successful investment portfolio," said Douglas Shorenstein, Chairman and CEO of Shorenstein Company.

Since 1992, Shorenstein Company has acquired and developed over 12.5M square feet of Class A office properties through five real estate investment funds, including some of the most renowned assets in the country. Properties purchased through these funds include the 1M square foot Bay Colony Corporate Center in suburban Boston, the 1M square foot John Hancock Center and the 2.1M square foot Prudential Plaza in Chicago, and the 1.2M square foot First Union Financial Center in Miami.