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CONSTRUCTION TO BEGIN ON HEWLETT-PACKARD FACILITY AT PERIMETER SUMMIT Master Plan Unveiled for Atlanta's Newest Office Park

 ATLANTA, April 8 /PRNewswire/ -- Stamford, Conn.-based GE Investments and Palo Alto, Calif.-based Hewlett-Packard Company (HP) (NYSE: HWP) announced today the closing on Hewlett-Packard's purchase of a 4.7-acre land parcel in DeKalb County, Ga.
 The company will build its 606,000-square-foot Atlanta Sales and Business Center and consolidate three Atlanta locations at the site. HP also purchased an adjacent 2.9-acre parcel that can accommodate future development of up to an additional 600,000 square feet.
 This closing initiates construction of the 83-acre mixed-use office park to be called Perimeter Summit, the last major land assemblage in Atlanta's north central submarket.
 Perimeter Summit, located at the southwest quadrant of Interstate 285 and Ashford-Dunwoody Road, is owned and being developed by an affiliate of the General Electric Pension Trust. Construction of Perimeter Summit's infrastructure is scheduled to begin immediately with completion anticipated in the first quarter of 1995. The infrastructure completion will coincide with the opening of HP's 606,000-square-foot, 20-store facility. Cost of the project was not disclosed.
 "HP's Atlanta Sales and Business Center will comprise the first building within the Perimeter Summit development," explained GE Investments' Asset Manager David S. Mackey. "GE Investments will actively market the remaining sites to other corporate users who require large blocks of contiguous office space in a distinguished corporate environment," Mackey added.
 HP's Perimeter Summit facility will house its local sales operation, an accounting and transaction processing center, three customer- education centers, an information technology center, one of three U.S. customer-support centers and several administrative support functions.
 "We expect this move to Perimeter Summit will give us several advantages," said David L. Rickard, HP Atlanta Business Center general manager. "We expect to achieve greater efficiency, flexibility and expense-reduction from consolidating our operations in Atlanta from three locations to one site where we can expand as business conditions change."
 Rickard continued: "Perimeter Summit better supports our business activities by improving proximity to our customers and ease of access for customers attending our training classes. In addition, Perimeter Summit provides an attractive location in a park-like setting that will preserve and enhance the natural wooded character of the site."
 Perimeter Summit will be developed on a premier site in the heart of the north central submarket. Situated along a natural ridge, the proposed eight mid-rise office buildings and hotel will enjoy excellent access from Interstate 285 and Georgia Highway 400. Perimeter Summit is approved for the development of up to 3.5 million square feet of Class-A office space and a 500-room hotel.
 Tenants of Perimeter Summit will enjoy a 20-acre park adjacent to the entry boulevard which will provide jogging trails and other recreational activities. In addition to the park, tenants will enjoy the natural setting of a unique 23-acre conservation area, along with outstanding views of downtown Atlanta and the surrounding skyline.
 "HP's decision to locate to Perimeter Summit is expected to lead to other corporate relocations to the site," said Mackey. "GE Investments is committed to providing a high-quality office environment which will attract a number of other significant corporate users to Perimeter Summit," he added.
 Perimeter Summit is owned by an affiliate of the General Electric Pension Trust and is being developed under the direction of Stamford, Conn.-based GE Investments. GE Investments has managed General Electric's Pension Trust as investment advisor for more than 50 years. Two affiliates, GE Investment Corporation and GE Investment Management, collectively manage over $45 billion of diversified assets for a variety of internal and external clients. GE Investments' primary real estate focus is the direct ownership of high-quality properties throughout the United States.
 Hewlett-Packard Company is an international manufacturer of measurement and computation products and systems recognized for excellence in quality and support. The company's products and services are used in industry, business, engineering, science, medicine and education in approximately 100 countries. HP has 93,100 employees and had revenues of $16.4 billion in its 1992 fiscal year. In Atlanta, HP employs 1,650 people in sales, support, customer training, information technology and business administration.
 -0- 4/8/93
 /CONTACT: Lynn Duran or Cheri Mason of Mike Wilson Public Relations, 404-365-9000, for Hewlett-Packard; or Joan Sikes of Hewlett- Packard Company, 404-916-8052/
 (HWP)


CO: Hewlett-Packard Company ST: Georgia IN: SU:

BR-BN -- AT006 -- 4263 04/08/93 13:01 EDT
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Date:Apr 8, 1993
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