Bovis and Alexandra Construction Chosen to Complete Final Stage of The Tower at Carnegie Abbey.

In a joint venture, O'Neill Properties Group hires leading construction management firms for the vertical push of the 220-foot tower

PORTSMOUTH, R.I. -- Portsmouth's newest luxury residence will soon become reality as O'Neill Properties Group begins construction on the vertical portion of The Tower at Carnegie Abbey, an 80-unit, 21-story condominium building. Today O'Neill Properties Group announced it has hired Bovis Lend Lease and Alexandra Construction in a joint venture as the construction team for the development of The Tower at Carnegie Abbey. Construction at the base of the 220-foot tower was started last summer, and continued through the fall and winter months.

The Tower at Carnegie Abbey will become the architectural centerpiece of The Carnegie Abbey Club, a private sporting estate that offers residents unparalleled amenities including Scottish links golf, a yacht club, an equestrian center, tennis courts, and a European spa. Located on Narragansett Bay just minutes from Newport, Rhode Island, the Club gives members an oasis of luxury and comfort to pursue life's pleasures.

"The intricate nature of this luxury condominium building required the detailed attention of Alexandra Construction and the size and might of an international company like Bovis Lend Lease," says Brian O'Neill, Founder and Chairman of O'Neill Properties Group, and owner of The Carnegie Abbey Club. "We are able to set sales records in a sluggish market by delivering the best amenities and the most exclusive product. The Tower completes this. We worked hand-in-hand with Bovis and Alexandra for months in the planning phase of this project, and we're happy to be working together for the next two years during the construction phase."

O'Neill Properties selected Bovis Lend Lease based on its reputation as one of the world's leading project management and construction firms. Bovis Lend Lease is the second largest construction manager in the United States, and has a staff of 9,500 in over 40 countries.

"We are very pleased to be working with the O'Neill Properties Group and Alexandra Construction to build the final stage of The Tower at Carnegie Abbey," said Peter A. Marchetto, Chief Executive Officer, Bovis Lend Lease Americas. Marchetto continued by saying that Bovis Lend Lease will provide a comprehensive range of construction experts well suited to build this great project.

Bovis is behind some of the largest, most luxurious condominium projects in the country, including the 92-story Trump International Tower in Chicago; Time Warner Center, a 55-story mixed-use retail, hotel, and condo project in New York; the 143-unit Mac Allen condominium tower in Boston; and the 320-unit Watermark condominium tower in Cambridge, Mass. Bovis maintains close relationships with a large number of long-term global clients, including BP, Nokia, and HSBC.

Alexandra has built a longstanding relationship with O'Neill Properties Group and successfully completed several projects, including acting as O'Neill Properties' construction manager for the $125 million rehabilitation project of the Watertown Arsenal in Watertown, Mass., which was sold to Harvard University for over $160 million in 2001. "We are very privileged with the opportunity to participate once again in partnership with O'Neill Properties Group and Bovis Lend Lease, two world-class organizations, in the construction of such a spectacular luxury tower," said Greg Clark, Alexandra's President.

Designed by Burt Hill, an international architecture, design and engineering firm, the Tower at Carnegie Abbey has been well received by the Portsmouth community, and is one of the most successful condominium projects in the country, having continued brisk sales due to its unique location on Narragansett Bay and within the Carnegie Abbey estate. Condominium buyers can also purchase yacht slips at the new Carnegie Abbey yacht club, ranging from 40 feet to 74 feet in size. Residences at The Tower at Carnegie Abbey range from $799,000 to $7 million, and feature rare vistas of the Club's Scottish links-style championship golf course, the Adirondack-style clubhouse, equestrian center, yacht club, and panoramic views of the Narragansett Bay.

Carnegie Abbey is one of the country's most exclusive clubs. It hosts the World Leadership Guest Series, which has featured appearances by George H. W. Bush, Bill Clinton, H.S.H Prince Albert II of Monaco, His Holiness the 14th Dalai Lama, and former leader of the Soviet Union Mikhail Gorbachev, among others. Carnegie Abbey hosted Annika Sorenstam, Paula Creamer, Michelle Wie, and David Leadbetter as guests during the 2006 U.S. Women's Open.

ABOUT THE CARNEGIE ABBEY CLUB

The Carnegie Abbey Club, chaired by Brian O'Neill of King of Prussia, Pa.-based O'Neill Properties Group, is a private sporting estate comprised of over 450-acres featuring a Scottish links-style golf course, a yacht club, an equestrian center, tennis facilities and a spa. A dominant architectural feature of the Club will be The Tower at Carnegie Abbey, a dramatic, 220-foot, 21-story condominium tower with breathtaking views currently being built on the site of a former aluminum factory adjacent to The Carnegie Abbey Club grounds.

NOTE TO PRESS

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