Adler Group to Acquire $300 Million in Commercial Real Estate Through Partnership with UBS

Business Wire, Jan 23, 2007

MIAMI -- Adler Group, Inc., one of the oldest and largest commercial real estate firms in the Southeast, and UBS Global Asset Management, Global Real Estate, have agreed to begin an exclusive equity partnership to acquire commercial property in the major markets of Florida and the Norfolk, Virginia metropolitan area. The partnership intends to acquire up to $300 million in commercial real estate property over the next three years.

"By partnering with UBS, Adler Group is launching an aggressive long-term program to acquire and or develop office buildings, industrial and flex properties, as well as retail centers," said Michael M. Adler, chairman and CEO of Adler Group. "We are, once again, focusing our efforts to purchasing properties, and this affiliation will allow us to be competitive buyers."

Adler will actively pursue income-producing properties that are performing below their potential, enhancing their value through improved operations, property upgrades, re-tenanting, as well as expansion, and re-development.

"With more than 40 years of development, investment, leasing and brokerage expertise, we are confident that Adler real estate professionals are well-positioned to deliver properties that meet our requirements," said Ron Urdanick, Head of Acquisitions for UBS Global Asset Management Real Estate. "This partnership with Adler marks a major milestone in our real estate investment efforts in the Southeast."

About Adler Group:

Adler Group and its affiliates offer a seamless network of services designed to maximize the value and strength of the organization's real estate assets. Throughout its history, Adler Group has developed and acquired in excess of 14 million square feet of industrial, office, retail and residential real estate. Today, by means of relationships with a prestigious list of institutional and private investors and nationally recognized financial lenders, the company owns and manages an extensive real estate portfolio comprised primarily of multi-tenant industrial and office properties located in strategic markets throughout the Southeastern United States.

About UBS Global Asset Management, Global Real Estate

With over 28 years of real estate investment advisory experience, UBS Global Asset Management, Global Real Estate--US has more than $15.0 billion under management on behalf of over 240 clients. A multi-disciplined real estate organization with staff of approximately 172, it is headquartered in Hartford, Connecticut with regional offices in San Francisco, Dallas and New York. In addition to its US real estate business, UBS Global Asset Management Real Estate also manages investments in Europe, Asia and Australia, totaling over $38 billion in real estate and real estate securities worldwide. UBS Global Asset Management, Global Real Estate--US operates through its legal entity, UBS Realty Investors LLC, a registered investment advisor.