• 444 Units in Northern Virginia
  
• Joint-Venture Purchase by LCOR, Lehman Brothers, CalSTRS

BETHESDA, Md. (February 21, 2006) — The Washington, D.C. regional office of LCOR Incorporated announced today that an affiliate of the company purchased Ravens Crest apartments in Northern Virginia for $61 million. The new owner of Ravens Crest is LCOR Residential Associates LLC, a joint venture of affiliates of LCOR, Lehman Brothers and CalSTRS (the California State Teachers’ Retirement System).

Ravens Crest is a 444-unit garden apartment community on a 28-acre site in the Manassas submarket of Prince William County, Virginia. The property is approximately 22 miles west of downtown Washington. An electronic image of the property is available on request.

The seller was Metropolitan Life’s Tower Fund, which was advised in the transaction by BlackRock (NYSE:BLK), a New York-based investment management firm.

“The Washington regional apartment market is the strongest in the country by many measures. Northern Virginia arguably is the strongest area within the region. Ravens Crest is an attractive property that should perform exceptionally well over time,” said Timothy D. Smith, senior vice president of LCOR.

Smith noted that LCOR is interested in acquiring apartment communities throughout the Northeast and Mid-Atlantic for operation as rental properties or condo conversion, as well as sites for new multifamily development.

LCOR has a 34-year presence in the Washington area. The company, which specializes in mixed-use, multifamily and office properties, also developed and owns Andover House apartments on 14th and N Streets in Northwest Washington, and the new United States Patent and Trademark Office headquarters campus in Alexandria. This spring LCOR will break ground on a 2.7 million square foot mixed-use, town-center-style project at the White Flint Metrorail station in North Bethesda, Md.

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

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