Waterman Interests, LLC Acquires 130 Prince Street, New York, N.Y

Business Wire, July 3, 2007

Proactive Leasing Campaign Planned to Create Exceptional Value in SoHo Office and Retail Gem

NEW YORK -- Waterman Interests, LLC ("Company"), a privately-held commercial real estate investment and operating company, announced that it acquired 130 Prince Street, an office and retail property located at the corner of Wooster Street, in Manhattan's SoHo district. The purchase price was $112 Million. Philip Waterman III ("Tod") Founder and Managing Member of Waterman Interests, made the announcement.

The company formed an equity joint venture to acquire the property with institutional investors advised by JPMorgan Asset Management - Real Estate. Waterman Interests will serve as the managing member of the ownership entity and will provide all property management, leasing, and financing services.

Completely reconstructed in 1989, the 88,000-square-foot 130 Prince Street is currently 100% leased and is recognized as one of the finest and most modern properties in SoHo. Its largest tenant is a division of cosmetics company Estee Lauder, Inc. (NYSE:EL) which leases all of the building's office premises through 2018. The building's retail tenants include Lacoste, Swiss Army, Stuart Moore, True Religion, Georg Jensen and Melru.

130 Prince Street is strategically located on the corner of Wooster Street, which is considered by many to be the best corner in the SoHo submarket of Manhattan. The building is within two blocks of the N, R, and W Subway lines, and within three blocks of the number 6 Subway line. Additionally, the building is one block east of West Broadway, and is located down the street from Apple Computer's most profitable store globally.

"We are delighted to own the highest quality asset in SoHo -- a property whose value will only improve as lower Manhattan continues its renaissance in tandem with our asset strategy," said Mr. Waterman, who ran the New York City division of Reckson Associates Realty Corp. prior to its merger with SL Green, Inc. and was a partner with Tishman Speyer for 12 years, before forming Waterman Interests in February of 2007.

He continued, "Equally exciting is that with this transaction, we were able to form an equity joint venture with institutional investors advised by JPMorgan Asset Management - Real Estate. This relationship is something that we are extremely proud of, and one which our company will treat with the utmost of care and fiduciary responsibility. I have enjoyed a 20 year relationship with JPMorgan Asset Management - Real Estate, and look forward to continuing to build our business with such a powerful and respected partner.

Hilary Spann, Vice President, JPMorgan Asset Management, noted: "The 130 Prince Street investment provides our institutional investors with a competitive risk-adjusted return in one of the most dynamic office and retail submarkets in the country. We are also very pleased to forge a continuing relationship with Tod Waterman and his firm."

The C.B. Richard Ellis team of William Shanahan, Vice Chairman, and Darcy Stacom, Vice Chairman, represented the ownership of the property in the sale transaction.

Waterman Interests, LLC is a privately-held and self-managed real estate investment and operating company specializing in the acquisition, leasing, financing, management and development of office, retail, and mixed-use properties. The Company's growth strategy is focused on the New York City market, but also includes other cities that its principals have extensive experience operating in. These include San Francisco, Los Angeles, Washington, D.C., and Chicago.

JPMorgan Asset Management is a global asset management leader providing world-class investment solutions to institutions, individuals and financial intermediaries. The firm is responsible for over $1 trillion in assets under management (based on assets under management for the Asset Management division of JPMorgan Chase & Co. as of March 31, 2007), including $49.9 billion in real estate managed by JPMorgan Asset Management - Real Estate & Infrastructure, as of March 31, 2007. With a 37-year history of successful investing and a staff of approximately 280 professionals, JPMorgan Asset Management - Real Estate & Infrastructure identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients. JPMorgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.