Rockefeller Group Forms Joint Venture With the S&K Group to Develop Foreign Trade Zone and Business Park At Palm Beach Park of Commerce.

Business Editors/Real Estate Writers

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Sept. 11, 2001

Rockefeller Group Development Corporation (RGDC) and Palm Beach Property Investments, Ltd., an affiliate of The S&K Group (S&K) today announced the formation of a joint venture to develop a first-class, mixed-use business park at the Palm Beach Park of Commerce in Palm Beach County.

The project, called Rockefeller Group Foreign Trade Zone/Palm Beach, will occupy 171 acres within the 1,243-acre Palm Beach Park of Commerce. The project is strategically located on the Bee Line Highway near Interstate 95, Florida's Turnpike and CSX rail. When developed, Rockefeller Group Foreign Trade Zone/Palm Beach will complement existing facilities owned by Walgreens and General Motors, which already have established a significant presence at the site.

"We are proud to contribute our foreign trade zone and development expertise to our partners, who own one of the last remaining undeveloped commercially/industrially-zoned parcels in this very desirable area," said Leslie E. Smith Jr., Senior Vice President of Development for RGDC. Edgar Jones, Director of Development for RGDC's Florida Operations added, "The park is ideally situated to meet the continuing growth expected in this region and we are very excited about our entry into the Palm Beach market."

The project will accommodate approximately 2 million square feet for development of warehouses and distribution centers. The application for foreign trade zone status currently is underway. The location will be within 25 minutes of Palm Beach International Airport and the Port of Palm Beach.

"Our project is a natural fit for this park, which is the only one in Palm Beach able to accommodate large projects occupying more than 100 acres," said Gerti Buckreus, a director and officer in most of the affiliated S&K entities. "Additionally, our project will create more jobs and complement the high population growths expected during the next decade in Palm Beach County, considered one of the fastest-growing areas in Florida."

S&K is an influential international investment group with roots in Europe and has offices in Frankfurt, Germany, London, England, Miami, FL and Palm Beach, FL. The group and its members own, develop and manage industrial and commercial real estate and have been investing in the United States for more than 30 years.

RGDC is a national owner, developer and manager of prestigious commercial real estate properties including corporate headquarters, landmark properties, multi-use urban complexes, multinational distribution facilities, suburban business parks and foreign trade zones. RGDC is a subsidiary of Rockefeller Group International, Inc. The company comprises four subsidiaries: Rockefeller Group Development Corporation, Cushman & Wakefield, Inc., Rockefeller Group Telecommunications Services, Inc., and Rockefeller Group Business Centers. For more information, visit http://www.rockgroupdevelopment.com