`The Lane Companies' to Finance, Develop, Construct and Manage The Commons at Atlantic Station.

Business Editors & Real Estate Writers

ATLANTA--(BUSINESS WIRE)--April 20, 2001

The Lane Companies, one of America's largest multi-family real estate companies, will finance, develop, build and manage The Commons at Atlantic Station.

The Commons will be a community of highly desirable residential rental communities at the heart of Atlantic Station (www.atlanticstation.com), which is expected to be Atlanta's most significant development in fifty years.

The Lane Companies are an award winning, vertically integrated, full-service multi-family real estate group with five divisions. They have been active in the multi-family sector for more than 20 years. The four divisions involved in the Atlantic Station project are:

-- Realty Development Corp., one of the nation's top 10 apartment developers,
which has developed almost $1 billion in projects for a total of more than
12,000 units

-- Lane Realty Advisors, which has acquired more than $100 million worth of
property since 1995

-- Realty Construction Corp., which has built 7,500 apartment units and
condominium homes valued at $456 million, as well as extended stay hotels and
assisted living communities

-- The Lane Company, 1999 winner of the National Association of Home Builders
Pillars of the Industry Award for Property Management Firm of the Year, will
manage The Commons. Lane Company manages more than 32,000 apartment units
across the southeast.

"Atlantic Station is the future of Atlanta," said Marc Pollack, president of Lane Realty Advisors and Realty Development Corp. "This is The Lane Companies' most exciting project ever - from both a design and marketing perspective."

"We made this deal with The Lane Companies because they are one of the nation's top apartment developers, and they share our vision of creating an intown neighborhood from the ground up," said Jim Jacoby, Atlantic Station LLC chairman. "Lane will help make Atlantic Station one of the most sought-after places to live in this city."

The Commons at Atlantic Station

The Commons will be a $150 million project that will include 1,150 mid-rise apartment units.

"The Commons will be the most unique property of its kind in Atlanta, and perhaps the entire U.S.," Pollack says. "We will create a new intown neighborhood with a townhouse streetscape that will include sidewalks and entry stoops, with a mix of retail space, lofts and live/work units as well as traditional apartments with mezzanine top floors."

Realty Development Corp. has named James, Harwick + Partners, Inc. as the Design Architects for The Commons at Atlantic Station. JH+P is an award winning architectural and land-planning firm based in Dallas, Texas. The firm has more than 200,000 residential units in place in 23 states. Its work includes 500 units developed by RDC now under construction.

The first phase of the project will include both high end and middle income housing. Amenities will include a business office, entertainment/meeting and party center as well as a world-class exercise facility, and swimming pools.

Construction is expected to begin in early 2002; several phases will span a range of four to five years. The first residents could move in by the following year; Phase One is expected to be complete and fully leased mid-year of 2004.

Lane Realty Advisors (LRA) will arrange and structure both equity and debt financing for the $150 million project, in partnership with Lubert-Adler Real Estate Funds. Lubert-Adler is one of the leading entrepreneurial real estate investment funds in America, with more than $750 million in equity, and a who's who of pension fund and entrepreneurial investors.

Several factors led to The Lane Companies' involvement. The biggest was AIG Global Real Estate Investment Corp.'s commitment to finance Atlantic Station's retail land component. (This was in addition to AIG's 1999 decision to become a joint partner in the Atlantic Station project.) AIG is one of the very few AAA rated companies in the nation.

Pollack adds that The Lane Companies savored the opportunity to work on a cutting edge project that was also environmentally sensitive. He was also impressed by plans for the retail space, which features underground parking, and a neighborhood ambience similar to Virginia-Highlands or Georgetown, VA.