Maryland

Real Estate Alert, April 28, 2004

* The suburbs of Washington have an average 87.8% occupancy level. The market has benefited from a lack of construction, which has limited choices for tenants seeking to expand or relocate. Bethesda and North Rockville were the weakest leasing markets last year.

* Baltimore's occupancy rate stabilized last year, helped by increased leasing activity and a reduction in construction projects. The occupancy rate is 88% downtown and 86.4% in the suburbs. Columbia is one of the few markets that has struggled.

                                       Hit              SF
On the Market            Seller        Market         (000)

Manugistics
headquarters, Rockville  Danac Corp.   January         283

540 Gaither Road,        Stephen A.
Rockville                Goldberg Co.  April           134

300 Lombard Street,
Baltimore                AmStar Group  April           239

                             Estimated Value

On the Market              ($Mil.)     (Per SF)   Broker

Manugistics
headquarters, Rockville      $80        $283      Advantis

540 Gaither Road,
Rockville                     42         313      Advantis

300 Lombard Street,
Baltimore                     41         172      Colliers Pinkard

                                                             SF
Recent Deals                Buyer               Closed      (000)

Two Washingtonian
Center, Gaithersburg        GLL Real Estate     (Pending)    285

800 Nort Frederick
Avenue, Gaithersburg        Wells Real Estate   (Pending)    393

Beco Park at Forbes
Center, Lanham              Beco Management     March        600

Patuxent River Office       Corporate Office
Portfolio, Lexington Park   Properties          March        537

                              Sales Price

Recent Deals                ($Mil.)   (Per SF)   Broker

Two Washingtonian
Center, Gaithersburg         $80       $280      (None)

800 Nort Frederick                               Holliday
Avenue, Gaithersburg          79        200      Fenoglio Fowler

Beco Park at Forbes
Center, Lanham                55         92      Cassidy & Pinikard

Patuxent River Office
Portfolio, Lexington Park     52         96      Cassidy & Pinkard