$37 Million in Financing Arranged for Galleria Corporate Centre in Scottsdale, Arizona.

Business Editors/Real Estate Writers

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--April 10, 2003

JEMB Realty, owner of the Galleria Corporate Centre, has announced the completion of $37 million of interim financing for the property, arranged by Managing Director Michael Tepedino and Associate Director Ed Finnegan of Holliday Fenoglio Fowler, L.P.'s New York office, and Senior Director Steve Gunther of the firm's Newport Beach, California office, through GMAC Financial Services. Raymond Chalme, principal of JEMB Realty, made the announcement.

The financing will allow JEMB Realty to further upgrade the already advanced Galleria Corporate Centre. Improvements will be made to pre-built units, while utilizing the existing infrastructure to enhance current and potential tenant productivity in this competitive business environment.

The interim financing further illustrates the property's viability, also supported by the record rates in leasing activity over the last six months. During this time, notable companies like Lifewise Health Plan, Scottsdale Center and Visitors Bureau, Milestone Equities and Oak Street Mortgage have joined the existing tenant roster of firms such as American Founders Life, Scottsdale Culinary Institute and New York Life.

"The investment will clearly pay off as the Galleria Corporate Centre continues to offer companies outstanding Class A space in an aesthetically pleasing property with the ability to meet both executive and technological needs," commented Mr. Chalme.

The Galleria Corporate Centre is located in the heart of Downtown Scottsdale at 4343 North Scottsdale Road. The redeveloped Class A property offers more than 600,000 square feet of office and retail space in above- and below-grade interconnected buildings. The Galleria Corporate Centre sits on over nine acres of land and boasts a three-story atrium, generous open space and flexible suite configurations catering to medium and large corporate clients.

"JEMB Realty has done an exceptional job in establishing the Galleria as a world class mixed-use project," said Mr. Tepedino. "The property is an attractive home for corporate America as evidenced by its quality existing tenant base. It was a pleasure to be associated with the financing and this should be an attractive investment for GMAC on a go-forward basis."

"The Galleria Corporate Centre was just waiting for the right opportunity and timing to develop into a prime location for the Scottsdale and Phoenix business interests--and that time is now," said Joseph L. Collura, JEMB Realty General Manager and Vice President of Arizona operations.

With 18 offices nationwide, Holliday Fenoglio Fowler, L.P. is one of the country 's largest commercial real estate capital intermediaries. Since 1998, the firm has capitalized debt, structured finance, private equity and investment sales transactions of approximately $62 billion.

Founded by Raymond Chalme and Joseph Jerome, JEMB Realty Corp. has extensive experience in the acquisition, development, management and leasing of commercial, retail and residential property throughout the tri-state New York region, Southeastern United States and Canada. JEMB owns and manages such prominent assets as 75 Broad Street in Manhattan, 375 McCarter Highway in Newark, NJ, Place Dupuis in Canada, the Galleria Corporate Center in Scottsdale, and other prominent strategically located properties.