FOR IMMEDIATE RELEASE:

One million square foot mixed use development in NoMa will be known as ..... "First Place"
Tuesday, May 17, 2005

Located at the intersection of 1st and L Streets, NE, and formerly identified as 60 L Street, a 1.1 million square foot development site has been named 'First Place' by J Street Development (www.jstreetdevelopment.com). The site is currently in pre-development and, in its final form, is expected to include both office and residential uses. J Street Development anticipates adding an additional 200,000 square feet to the development site in the near term.

"We are looking forward to being in 'First Place' and know our colleagues in the brokerage side of the business will be eager to position their clients, both office tenants and residential, in 'First Place' as well," said Bruce Baschuk, Managing Principal. "In fact, we expect everyone will want to be in 'First Place'," he noted.

'First Place' is conveniently situated just one block from the newly opened New York and Florida Avenue Metro station on the Red Line. The project will offer design flexibility, competitive pricing, and abundant options for large office users and individual residents alike.

With a number of developers active in the emerging corridor, the DC Council and Office of Planning as well as local media have taken note. "This is the last remaining downtown area of Washington to be developed," said Del. Eleanor Holmes Norton (D-DC). "It is an area where there are going to be not just offices, but hotels, restaurants and other amenities," she added.

Eight developers active in the corridor have formed the NoMa Corridor Stakeholder's collaborative (www.nomacorridor.com) which meets monthly to coordinate activities among themselves and with the City and Office of Planning.

The neighborhood's initial boost came when XM Satellite Radio made the "pioneering" decision to anchor its headquarters in NoMa. The addition of the new Red Line Metrorail Station at New York and Florida Avenues, and the ATF Headquarters under construction, has made the Corridor ripe for change. The Office of Planning and NoMa Corridor Stakeholder developers envision mixed uses, high densities and animated streetscapes which, in the coming years, will transform the neighborhood.

J Street Development closed on the purchase of 'First Place' in January 2005. 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. Its combined leadership team has over ten decades of commercial real estate experience in the Washington area.

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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