SAN FRANCISCO - February 3, 2000 - Shorenstein Company announced that it has acquired the Energy Centre, a 39-story, Class A office building in New Orleans. The 761,000 square foot tower, located in the city's downtown core, was purchased from Crescent Real Estate Equities, L.P.

"We are very pleased to have the opportunity to acquire such a landmark asset in such a dynamic city as New Orleans," said Doug Shorenstein, Chairman and CEO of Shorenstein Company. "This is exactly the type of property we want to own. Energy Centre will always be one of the preferred business addresses in New Orleans because of its location, physical quality and amenities. The existing roster of top tier tenants is indicative of this property's standing in the market. At the same time, we believe there is the opportunity for us to further enhance the property and to add significant value through our expert in-house leasing, management and construction services," he added. Shorenstein will direct the leasing and management of Energy Centre through its wholly-owned property services subsidiary, Shorenstein Realty Services.

The New Orleans acquisition marks the San Francisco-based company's fourth purchase in the Southeast. The company also owns First Union Financial Center in Miami, One Century Place in Nashville and Carillon in Charlotte.

Founded in the 1920's, 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 9.25 million square feet at a gross acquisition/development cost in excess of $1.4 billion. Energy Centre represents the first investment by the most recent investment partnership, Shorenstein Investment Partners, LLC, formed in 1999.

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