O’Connor Capital Picks up Retail Portfolio for $510 Million

1 May, 2007, Boston, MA

Cushman & Wakefield Handles Landmark Transaction

On behalf of The Flatley Company, Cushman & Wakefield of Massachusetts, Inc. today announced the sale of THE FLATLEY COMPANY RETAIL PORTFOLIO, ten retail properties located in the greater Boston area, Cape Cod, Massachusetts and Southern New Hampshire. C&W’s Capital Markets Group of Robert E. Griffin, Jr., Marci Griffith Loeber, Geoffrey Millerd and Michael d’Hemecourt exclusively represented the seller and procured the buyer -- New York-based O’ Connor Capital Partners.

THE FLATLEY COMPANY RETAIL PORTFOLIO (the “Portfolio”) totals 2,504,008 square feet and spans the New England Region from Cape Cod to Southern New Hampshire. Prior to their sale, the individual properties had been owned on a long-term basis and attentively managed by The Flatley Company, with the exception of two centers that are under construction and one that is in the final stages of permitting. While the existing centers have been recently redeveloped, renovated or expanded, there exists additional development potential available at many locations.

THE FLATLEY COMPANY RETAIL PORTFOLIO is comprised of ten individual properties ranging in size from community-oriented necessity retail centers to large, newly constructed “big box” centers. The Portfolio is spread evenly between Massachusetts and New Hampshire, with five centers in each state. The Portfolio boasts an average occupancy level of 96% and is anchored by some of the top retail tenants in the market today, including Wal-Mart, Home Depot, Stop & Shop, Shaw’s Supermarkets, Lowe’s Home Improvement, Kohl’s, Marshalls, Sears, The Sports Authority, Dick’s Sporting Goods, Borders, CVS and Walgreens. Indeed, this top-quality retail Portfolio is driven by two fundamentally desirable investment characteristics -- Credit Tenancy and Contractual Income Growth. Of particular interest to investors, upside is available through the re-leasing of currently vacant space and through expansion potential at many of the centers.

The list of properties that comprise THE FLATLEY COMPANY RETAIL PORTFOLIO include Dedham Mall in Dedham, MA, Medfield Shops in Medfield, MA, Village Shoppes of Canton in Canton, MA, Falmouth Mall Falmouth, MA, Southwind Plaza in Hyannis, MA, Royal Ridge Center in Nashua, NH, a Super Wal-Mart in Merrimack, NH, Portsmouth Circle in Portsmouth, NH, Rochester Shoppes in Rochester, NH and Belknap Mall in Belmont, NH.

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About Cushman & Wakefield

Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 175 offices in 50 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. For the New England area, Cushman & Wakefield maintains offices in Boston, Massachusetts; Hartford, Connecticut; and Manchester, New Hampshire. www.cushwake.com

Contact: Robert Griffin
617.330.6966
robert.griffin@cushwake.com

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