Olympus Real Estate Sells Adleta Building in Uptown/Downtown Dallas.

DALLAS--(BUSINESS WIRE)--Feb. 13, 1998--Olympus Real Estate Corporation, a leading real estate investment firm, today announced that it has sold the historic Adleta Building, a 100,000-square-foot building located in the Uptown/Downtown section of Dallas, to ECOM Real Estate Services, of Dallas. Financial terms of the transaction were not disclosed.

The Adleta Building, which is currently being renovated, was built in 1925. Olympus acquired the building in January 1997 and has invested more than $10 million in an extensive refurbishing program that is expected to be completed by May 1998. At that time, it will become the corporate headquarters of HKS Architects, the fourth- largest architecture and engineering firm in the United States, which partnered with Olympus to acquire the property. Constructors, Inc. is the general contractor in the redevelopment project.

David B. Deniger, President and Chief Executive Officer of Olympus Real Estate Corporation, said: "The renovation of the Adleta Building reflects our commitment to the city's Uptown/Downtown area. The development that has taken place in Uptown/Downtown during the past several years, especially in the area of multi-family housing, is truly phenomenal, and we are proud to have been among the earliest participants. The growth of Uptown/Downtown Dallas as a residential community provides an outstanding base for retail and office development and we plan to capitalize on this opportunity in the future."

Olympus is in the process of developing several other properties that it owns in the Uptown/Downtown area, including a 150,000-square-foot office building; a 600-car parking garage; a 250-unit all-suite hotel; and approximately 30,000 square feet of retail space. Austin Industries is the general contractor for these projects.

Gary Carr of CB Commercial represented ECOM with respect to this transaction and John C. Sterquell represented Olympus.

Olympus Real Estate Corporation, with offices in Dallas and New York, invests in real estate equities, mortgages and securities in major markets throughout the United States. Olympus was formed in May 1994 by Hicks, Muse, Tate & Furst Incorporated and David B. Deniger. Since its formation, Olympus has completed approximately $1 billion in real estate investments including numerous hotels and commercial, residential and golf-related projects in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Massachusetts, New Mexico, New York, Texas and Wisconsin.

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