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Constellation Energy Source Inks Precedent-Setting Central Plant Agreement With The Rouse Company.

BALTIMORE, July 10 /PRNewswire/ --

Constellation Energy Source today announced a precedent-setting 20-year agreement with The Rouse Company (NYSE: RSE) to build, own, and operate a central air conditioning plant in concert with the renovation and expansion of Rouse's prestige Fashion Show retail center, located on the famed Las Vegas "Strip."

"This is the first time The Rouse Company has outsourced such a major physical component of their malls," said Greg Jarosinski, President of Constellation Energy Source. "We are making an $8 million plant investment to serve the client's needs for air conditioning under terms of this agreement. This presents Rouse an opportunity to benefit both tenants and shareholders."

Constellation Energy Source will serve nearly 1 million square feet of common area inside the mall in addition to some 250 retail tenants. The agreement excludes eight anchor tenants that traditionally subcontract for their own AC needs. The final phase of the $350 million renovation and expansion of Fashion Show is scheduled to be complete in Fall 2003. In addition to a performance stage, the retail center will feature Neiman Marcus, Saks Fifth Avenue, Macy's, Dillards, Robinsons-May, Bloomingdale's Home, Lord & Taylor, and Nordstrom.

"This agreement is a natural evolution of our more than two-year collaboration with Constellation Energy Source to provide us with energy management services," said John Pattillo, Vice President and Director/Construction, for The Rouse Company. "We are confident that our choice of Constellation will guarantee safe and reliable occupant comfort through superior energy conversion and backup systems."

Constellation Energy Source is a member of Constellation Energy Group (NYSE: CEG), a holding company that has announced its intentions to separate into two distinct, publicly traded corporations later this year. BGE Corp., which will include Constellation Energy Source, will focus on regional energy delivery, products, and services. A new CEG will compete in the national wholesale energy market.

Headquartered in Columbia, Md., The Rouse Company was founded in 1939 and became a public company in 1956. A premier real estate development and management company, The Rouse Company, through its numerous affiliates, operates more than 250 properties encompassing office, retail, research and development and industrial space in 21 states. The company is also the developer of the planned communities of Columbia, Md., and Summerlin, Nev.

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Publication:PR Newswire
Date:Jul 10, 2001
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