San Francisco, CA, - September 26, 2001 - Shorenstein Company LLC, today announced it has closed on the acquisition of Washington Harbour, a five-acre mixed-use development with 536,500 square feet of prime office space in the Georgetown submarket of Washington, DC. Shorenstein purchased the 100%-leased property from an affiliate of Fortworth-based real estate investment trust Crescent Real Estate Equities Company (NYSE: CEI). It is Shorenstein Company's first major acquisition in the DC market.

The acquisition, terms of which were not disclosed, closes out Shorenstein Investment Partners LLC (SIP), a real estate investment fund opened by Shorenstein Company in 1999. SIP is Shorenstein's fifth real estate investment fund. Last month, the company announced it had raised $600M for investment in its sixth fund - Shorenstein Realty Investors Six.

"Our core investment strategy calls for capital deployment in Class A buildings within the top echelon of properties in a given market and Washington Harbour is clearly the dominant location within the Georgetown market," said Douglas Shorenstein, CEO and Chairman of Shorenstein Company LLC "The property is ideally suited to the kind of value-added ownership and management Shorenstein Company can deliver," he added.

Washington Harbour fronts the Potomac River at K Street, NW. Designed by Arthur Cotton Moore and built in 1986, the property is comprised of two mid-rise buildings featuring 536,500 square feet of Class A office space and 35 privately-owned luxury condominiums. The property also includes a 540-stall parking garage.

Tenants in the building are leading international law and professional firms such as Collier, Shannon, Scott, LLC; Foley & Lardner; Swidler, Berlin, Shereff & Friedman, LLP; and Orrick, Herrington & Sutcliffe LLP.

Founded in the 1920s, and headquartered in San Francisco, Shorenstein Company is one of the longest established, privately-held real estate investment and management firms in the country, specializing in high-quality office properties.

Shorenstein Company currently owns and operates over 25 million square feet of prime commercial office space around the United States. In recent years, Shorenstein Company has sponsored and invested through a series of closed-end investment partnerships. Since 1992, the company has acquired and developed through these partnerships more than 13 million square feet at a gross acquisition/development cost in excess of $2 billion.