BERWYN, Pa. (December 31, 2006) — LCOR Incorporated announced today that an affiliate of the company acquired the ownership of Heather Ridge Apartments in Bowie, Maryland. The new owner of Heather Ridge is LCOR Residential Associates LLC, a joint venture owned by affiliates of LCOR, Lehman Brothers and CalSTRS (the California State Teachers’ Retirement System). The seller of the property was an affiliate of Fairfield Residential.

Heather Ridge, a 324-unit garden apartment community on a 22-acre site in Prince George’s County, Md., is approximately 15 miles east of Annapolis, Maryland’s capital, and 20 miles west of downtown Washington, D.C.

Notably, Heather Ridge is in close proximity to Bowie Towne Center, a 600,000 square foot high-end lifestyle retail center, as well as schools, recreation amenities and the regional transportation network (Routes 50 and 301). Recently, Bowie has emerged as a vibrant suburban center, with several new residential communities, destination retail facilities, and Class A office buildings.

“Heather Ridge is located in arguably the best residential area of this affluent Washington, D.C. suburb,” said Robert R. Kilroy, LCOR Senior Vice President. “Our planned improvements, combined with the community’s other amenities and the property location in an energetic suburban center, position Heather Ridge to perform well over time.”

Developed in 1988, Heather Ridge offers a mix of one, two, and three-bedroom apartments that average 866 square feet. The property includes a swimming pool and newly resurfaced tennis courts, a clubhouse with indoor racquetball and basketball courts, and a large community room with bar and kitchen facilities.

LCOR is interested in acquiring other apartment communities throughout the eastern United States (including in the Washington, D.C., Philadelphia, New York City and Boston areas) for operation as rental properties or condo conversion, as well as sites for new multifamily development. Interested property sellers should contact LCOR Senior Vice President Robert. R. Kilroy at rkilroy@lcor.com.

LCOR has a 35-year presence in the Washington area. The company, which specializes in mixed-use, multifamily and office properties, also developed and owns Andover House apartments at 14th and N Streets in Northwest Washington, and the new United States Patent and Trademark Office headquarters campus in Alexandria, Va. LCOR recently broke ground on North Bethesda Center, a 2.7 million square foot mixed-use, town-center-style development at the White Flint Metrorail station in North Bethesda, Md.

Based in Berwyn, Pa., LCOR is a national real estate development, investment and asset management company. The firm’s portfolio includes more than $8 billion of developments completed, under construction or in pre-development.

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