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 RICHMOND, Va., Jan. 11 /PRNewswire/ -- RF&P Corporation today announced the purchase of four buildings at the Arboretum office park in Chesterfield County from Connecticut General Life Insurance Company, a major health care and financial service company headquartered in Philadelphia.
 This acquisition represents a major strategic step for RF&P, further positioning the company as a major player in the Richmond real estate market. The Arboretum buildings give RF&P more than 1 million square feet of space and 600 acres of strategically located properties in the Richmond area. The company's holdings are concentrated in three areas, ringing the west side of Downtown Richmond: the Greater Dabney Area to the west, Hunton to the northwest and the Arboretum to the southwest. Each of these areas offers prime locations in key Richmond real estate markets and is close to major transportation arteries:
 -- The Greater Dabney Area has in excess of 98 acres and 676,500 square feet of developed space that includes office/service space and the former Price Club site. This area is strategically located at the junction of I-95, I-64 and the Powhite Parkway.
 -- Hunton is a 495-acre tract located at the intersection of I-295 and Staples Mill Road, one exit from Innsbrook. Plans call for Hunton's development as a mixed-used site with office, residential and retail properties.
 -- The Arboretum is a strategically located office park south of the James River at the intersection of Midlothian Turnpike and the Powhite Parkway. The park consists of office and retail properties. The four Arboretum buildings acquired by RF&P contain 374,000 square feet of office and office/service space on 21.9 acres of land. Major tenants in the buildings include Travelers Insurance, New York Life and a division of Rockwell International.
 "These Arboretum buildings are recognized throughout the region as quality properties with a location that allows easy access to the airport, Downtown Richmond and the other important business sites in the area," said Jeffrey J. Sherman, RF&P vice president for planning and administration.
 The property's popularity is reflected in its occupancy rate.
 "The Arboretum has proved to be a popular business location and has been essentially fully occupied since it opened for business," said Charles M. Louthan, RF&P vice president for real estate. "Today, our buildings enjoy a 93 percent occupancy rate, which compares favorably to the Richmond suburban office market's average occupancy rate of 88 percent, according to the most recently available data."
 The four Arboretum buildings acquired by RF&P offer a variety of sizes and amenities. Arboretum I is a three-story, 58,092-square-foot office building with a two-story atrium, terraced picnic area on a lake and a cascading water fountain. Arboretum II is a one-story, office/service structure with 49,807 square feet of space. Arboretum III is a six-story, 217,175-square-foot office building. And Arboretum V is a two-story, 47,681-square-foot office/service building.
 RF&P did not acquire all the properties located in the park. The remaining property in the office park is owned by other firms and includes the offices of WRIC Channel 8; Arboretum VI, a four-story office; Arboretum VII, a one-story office/service structure; a 102,000-square-foot retail center; and 18 acres of developable land.
 The Arboretum purchase is consistent with RF&P's strategy of buying quality real estate in special situations, typically from financial institutions that have taken back buildings from the original owners. In the past year, RF&P has acquired approximately 750,000 square feet of developed properties, including the Arboretum, from lenders in these situations.
 Specifically, at yearend 1992, RF&P acquired the 226,000-square-foot Plaza 1900 development at Tysons Corner from a subsidiary of Chevy Chase Savings and Loan. This summer, the company acquired the 56,000-square-foot Commerce Center in Richmond from Manulife Real Estate. Both this building and the 374,000 square feet of space at the Arboretum buildings were more than 90 percent occupied at the time of purchase.
 In September, RF&P acquired a partnership interest in the Potomac Club, a 183-unit apartment building in Alexandria, Va., from a subsidiary of Westinghouse Credit Corporation. RF&P also recently acquired the l2l,815-square-foot building that formerly housed the Price Club store adjacent to RF&P's Dabney Center. This site will be the future home of Signet Bank's credit card operations.
 Richmond-based RF&P is one of the largest real estate companies in the mid-Atlantic region. The company has more than $650 million in assets and 5,100 acres of property and participates in various projects involving more than 11 million square feet of space.
 -0- 1/11/94
 /CONTACT: Edward Crews, corporate communications, of RF&P, 804-225-1627/

CO: RF&P Corporation; Connecticut General Life Insurance Company ST: Virginia IN: CST SU: RLE TNM

DT-DC -- DC010 -- 0909 01/11/94 10:27 EST
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Publication:PR Newswire
Date:Jan 11, 1994

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