SAN FRANCISCO - April 19, 2000 - Shorenstein Company, one of the country's largest private owners of prime office buildings, will also be one of the first office landlords in the country to feature access to Internet content, such as news, traffic, weather and stock reports, in elevators within its buildings. Shorenstein announced today the signing of an agreement with Captivate Network, Inc., the leading provider of Internet content technology to elevator cabs within Class A office buildings, to install screens in passenger elevators within the company's most recognizable properties including Bank of America Center in San Francisco, the John Hancock Building in Chicago and First Union Financial Center in Miami.
Captivate's proprietary Internet messaging technology includes wireless, high resolution flat panel screens installed in elevator cabs. The screens deliver 10-second bursts of news and information with content updated every 20 minutes during the workday. Captivate currently has relationships with a number of leading Internet content providers including Reuters, the New York Times, Boston Herald, Accuweather, SmarTraveler and TrafficStation.
Shorenstein joined other major owners of office buildings around the country, firms such as Equity Office Properties, TrizecHahn Office Properties, Crescent Real Estate Equities Company, Boston Properties, Cornerstone Properties and Vornado Realty Trust, in making the arrangement with Captivate. As part of the agreement, Shorenstein Company and the other major owners will also make a combined $28 million equity investment in the Westford, Mass.-based company.
"As an owner of prime office space, we are constantly seeking ways to provide our tenants with better service and keep them up-to-date with information," said Eric Yopes, Managing Director-Investments, Shorenstein Company. "The introduction of Internet screens within elevator cabs is just one of the many advancements we are providing within our buildings to give our tenants access to a broad array of the very latest technology options and information sources," he added.
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About Shorenstein Company LLC:
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. The Company currently operates over 25 million square feet of prime commercial office space in strategic markets around the United States including more than seven million square feet in San Francisco, five million square feet in New York and one million square feet in Chicago. For more information on Shorenstein Company, visit the company's website at www.shorenstein.com.
About Captivate Network, Inc:
Captivate Network, Inc. (www.captivatenetwork.com) was founded in October 1997 by Michael DiFranza, Todd Newville and Ray Pineau and is privately held. Current venture capital investors include ABS Capital Partners, Advent International, Olympic Venture Partners and Primus Venture Partners, Inc. The company is headquartered in Westford, Massachusetts and currently employs 80 people, with plans to expand to 155 by year-end.
