Cornerstone Properties Inc. Announces Assumption of Management of 125 Summer Street and Sixty State Street in Boston.BOSTON--(BUSINESS WIRE)--March 9, 1999--Cornerstone Properties Inc., a New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. based real estate investment trust (NYSE NYSE See: New York Stock Exchange : CPP cpp - C preprocessor. ) announced today that it assumed the on-site property management responsibilities of its property at 125 Summer Street (464,000 S.F.) in Boston on March 1, 1999, and that it will subsequently assume management of Sixty State Street (823,000 S.F.) in Boston on May 1, 1999 and One Memorial Drive (353,000 S.F.) in Cambridge on July 1, 1999. "Internalization Internalization A decision by a brokerage to fill an order with the firm's own inventory of stock. Notes: When a brokerage receives an order they have numerous choices as to how it should be filled. of property management is one of the first tangible signs of the synergy resulting from the merger with William Wilson Many real people and fictitious characters share the name William Wilson, or variations such as Bill or Willlie Wilson, including:
Erika Eichner has been named Property Manager of 125 Summer Street and John Mahoney will serve as Chief Engineer. Larry Melo, Vice President for the Boston region said, "We already had a great team in place at 125 Summer Street and are very pleased that the entire staff has elected to become Cornerstone employees. With the continuity of leadership provided by Erika and John, we are anticipating a seamless transition for our tenants." Cornerstone Properties Inc. is a self-administered equity real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) investing in Class A office properties in prime locations in major suburban markets and prime central business districts. The Company, through its subsidiaries, currently owns 92 Class A office properties throughout the United States totaling approximately 21 million square feet. Headquartered in New York City, Cornerstone's stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors CPP. This press release contains forward-looking statements within the meaning of the Federal securities laws. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, that could cause the actual results, performance or achievements of Cornerstone to differ materially from those reflected in such forward-looking statements. Information contained in this press release regarding current and future market conditions is based on Cornerstone's assessment of real estate markets as of this date and is subject to the uncertainties inherent in such an assessment. In particular, but not exclusively, national and regional economic conditions, the rate of new construction, and demand and supply in a given market will affect leasing activity, projected rents and the cost of lease renewals. For more information on Cornerstone Properties visit Cornerstone Properties' Web site at http://www.cstoneprop.com |
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