FOR IMMEDIATE RELEASE:

Monday, January 24, 2005

J Street Development successfully closes land acquisition in NoMa

In December, 2004, Bruce Baschuk and Peter Farrell announced the formation of J Street Development Company, LLC. In addition they are now pleased to announce that Jay Bothwell, most recently with Hines Interests, has joined the development group, as a Principal and Senior Vice President-Design and Construction. J Street will focus on vigorous pursuit of new opportunities for real estate development. The Company has dual, yet well-matched goals-to bring bold and meaningful change to the Washington cityscape and positively affect the community by initiating strategic alliances with various community organizations where the Company is engaged.

On Friday, January 14, J Street Development closed on a transaction to purchase 60 L Street, NE, an over 100,000 square foot site which can yield in excess of 1 million square feet, adjacent to the newly opened New York Avenue Metro Station. Plans for the site are focused on mixed-use to take advantage of the emerging NoMa Corridor environment. Located in the heart of the Corridor, 60 L Street offers design flexibility, competitive pricing, and abundant options for large office users and residents.

"As we move forward on our initial project at 60 L, we are thrilled to have Jay join us. He rounds out the development experience of the principals bringing 32 years of design and construction experience to the team," said Baschuk. He added, "Jay augments our ability and credibility to pursue new development opportunities, and through them bring meaningful change to the community. To a person, our team shares that passion and is energized to create the intersection of commerce and community."

The combined senior leadership team has over ten decades of commercial real estate experience in the Washington area. This experience includes development, capital markets and investments, construction and design management, property management, leasing and marketing, project management, corporate communications, and in-house legal counsel. Mr. Baschuk, a 25 year veteran of the Washington, DC real estate industry, was until 1998, Managing Director of the Washington, DC office of CBRE, the largest commercial real estate brokerage firm in the world.

Farrell is primarily responsible for the development and underwriting of properties, and brings over 22 years of real estate experience. He utilizes his considerable contacts within the capital markets arena and broad transaction financing experience to identify investors for J Street Development-sponsored developments. Mr. Farrell was, until recently, President and Chief Operating Officer of Medical Office Properties, a private medical office building REIT, which assembled a $300 million portfolio of medical office properties in seven states.

Bothwell is responsible for the management of design and construction of projects undertaken, and brings vast experience in the real estate development industry to the Company. Twenty-six years of that experience were spent with Hines Interests Limited Partnership, one of the largest and most prestigious real estate development firms in the world. As a Vice President of Design and Construction he was involved with all projects developed by Hines in the greater Washington area, some of which are considered the best commercial office buildings in the city, including Columbia Square, Franklin Square, 600 13th Street, 4100 North Fairfax Drive and Gannett/USA Today Corporate Headquarters. He was also involved in master planning for the former Washington DC Convention Center Site Redevelopment Project.

In addition, the leadership team includes Peggy Crowley, General Counsel, Cathy Fawell, Director of Marketing and Communications and Thomas Jones, Senior Project Manager.

J Street is about Building values-while creating value for investors, J Street will work to enhance the value of neighborhoods in which it is involved. The company is committed to seeking partners, investors, employees, and opportunities which share its vision.

Contact: Cathy Fawell
Director of Marketing & Communications
202-639-0339

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