Construction Begins on Technologically Superior Condominiums Offering First "Wired" Residence in Pacific Northwest.

SEATTLE--(BUSINESS WIRE)--Feb. 13, 1998--

13-Story Twin Towers in Belltown Blend Luxury and Technology

to Deliver Ultimate 21st Century Living

In a joint venture, T. Jones Inc., a Washington development company, and HAL Real Estate Investments Inc., a Seattle-based real estate company, have begun construction of a luxury, high-rise, 13-story twin tower condominium development called The Concord in the Belltown area, just north of downtown Seattle.

This high-tech, wired residence is the first its kind in the Pacific Northwest.

The Concord is the partnership's response to the rapidly growing population of the Seattle metropolitan area, fast and furious sales in the Puget Sound housing market, the region's expanding employment base and the Belltown buzz of urban energy. It is positioned to be affordable yet luxurious and technologically superior. "We're very excited," said Leslie Williams of Williams Marketing Inc., the real estate broker for The Concord. "The building will be the first condominium development pre-sold utilizing advanced technology and interactive, virtual reality tours." When the sales center opens in April 1998, visitors will embark upon virtual tours to browse the suites themselves, view the features and amenities of the building, the floor plans and the surrounding neighborhood. Buyers worldwide will be able to virtually tour the suites by visiting the soon-to-be-announced Concord website.

The Concord's unique features will include a wiring infrastructure supporting ultra high-speed Internet access and "multi-media" wall outlets. These wall outlets allow residents easy connection to a wide variety of electronic services within the privacy of their own home. Additional building features include concierge services, advanced electronic security systems, a mini theater, an entertainment lounge with a pool table, and a fully equipped business center with conference facilities.

"Our extensive research strongly suggested a market demand for high-quality, high-tech and high-rise suites. The Concord is our answer to those looking for the ultimate urban cocoon," said Dean Jones, vice president of marketing for T. Jones Inc.

The estimated development costs will be approximately $50 million. The Concord will contain 223 units along with approximately 9,000 square feet of retail space and an upscale restaurant, yet to be announced. Located at 2929 First Avenue, The Concord is ideally situated 1 1/2 blocks from the waterfront, Myrtle Edwards Park, Seattle Center, Key Arena and the Monorail. First occupancy is expected in May of 1999.

Jones further explained that architecturally, The Concord's exterior will be built entirely of concrete and glass to deter water penetration, a perpetual problem in the Pacific Northwest. Other Concord features include a fitness center, spa, guest suite and exterior courtyard with sculptured gardens. Most suites will also include private decks, gas fireplaces and appliances, and several other interior design and high-tech options traditionally only found in high-end, single-family homes.

The studio, one- and two-bedroom luxury condominiums, along with the penthouse suites, will range in size from 485 square feet to 3,000-plus square feet and will be priced approximately from $130,000 to $1.3 million, depending on square footage and view. The Concord is a modular-designed building, so homes can be customized and can be enlarged by joining suites together.

T. Jones Inc. is a group of real estate investors and developers of multi-family projects from Seattle to Vancouver, B.C. In Seattle, the group was responsible for the $8 million renovation of The Elektra, a 200 unit condominium conversion in downtown Seattle. T. Jones Inc. has also renovated and repositioned several heritage-style buildings in the Capitol Hill area.

HAL Real Estate Investments Inc. (HAL) is the Seattle-based real estate arm of HAL Holding N.V., a publicly traded international holding company with head offices in Monaco. HAL has participated in the development, ownership and marketing of the Point at Yarrow Bay townhouses, One Pacific Tower condominiums and the Lexington Heights apartment community.

The Concord was jointly designed by Driscoll Architects, a Seattle-based architectural firm, and is being constructed by PCL Construction Services Inc. Construction financing for The Concord is provided by KeyBank.

CONTACT: T. Jones Inc.

Dean Jones, 206/963-9709

or

The Rockey Company

Erica Perez, 206/728-1100