AP-Adler Investment Fund Unveils FlexxSpace: a Revolutionary Concept in Commercial Real Estate; New Brand Unifies Nearly 5,500,000 Square Feet Throughout Southeast.

MIAMI--(BUSINESS WIRE)--April 16, 1999--

AP-Adler Investment Fund L.P., the commercial real estate investment fund formed by Florida-based Adler Group and New York-based Apollo Real Estate Advisors, today unveiled the creation of FlexxSpace.

A growing network of business communities throughout the Southeast, FlexxSpace was designed to meet the changing spatial needs of small businesses, and to create added value for tenants through exclusive purchasing and promotional opportunities.

"After extensive research and planning, we have created a brand that unites our diverse portfolio of office, showroom and warehouse properties to share one unique identity," said Michael M. Adler, Chairman and Chief Executive Officer of Adler Group. "The FlexxSpace team takes tenant satisfaction to a new level by meeting and exceeding tenant expectations for the millennium. As FlexxSpace grows, I believe it will truly become America's workplace."

FlexxSpace is more than a brand name. It is a new concept in commercial real estate that offers tenants a well-rounded combination of amenities and privileges, previously unavailable at similar properties. An interactive web-based extranet, created expressly for FlexxSpace tenants, provides a forum for the exchange of information and displays data regarding group purchasing opportunities. Flexible leasing policies help ensure that tenants can expand their space as their business grows. In addition, specialized amenity packages offer tenants access to features such as advanced conference facilities, on-site restaurants and other services. Use of common office areas will allow tenants to conduct business at multiple locations throughout the Southeast. Complemented by an innovative management strategy that focuses on flexibility and fosters growth, the elements of FlexxSpace come together to form a program that exemplifies a standard of value previously unknown to the multi-tenant industry.

"We believed that there was significant potential for creating a new level of professionalism in a market segment that was previously highly fragmented," said Bill Scully, a principal at Apollo. "We see this branding strategy as a key component of the investment program."

AP-Adler Investment Fund was formed in January 1998 to acquire, develop and manage industrial and flex/office properties. The Fund now owns properties in Dade County, Broward County, Tampa, Orlando and Atlanta, and will continue to expand throughout the Southeast. In addition, new developments are currently underway in Davie, Miramar and Orlando.

Adler Group, headquartered at Adler Plaza, 1400 N.W. 107th Avenue, Miami, Florida, provides a full spectrum of real estate services including development, construction management, general contracting, leasing, brokerage and other related services through its affiliates: Adler Development, Inc., Phillips Adler Construction, Inc., Adler Management Services, Inc. and Adler First Commercial Realty.

Apollo Real Estate Advisors, L.P. is a real estate investment firm led by a group of senior professionals with extensive experience in all facets of real estate ownership, development and management. Since its inception in 1993, Apollo has invested more than $2 billion of equity in over 120 transactions and overseen the acquisition of approximately $5 billion of properties.