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For Immediate Release: Friday, March 28, 2008 Lighthouse Real Estate Ventures Acquires Tri-State Baker Portfolio March 28, 2008 (West Hempstead, NY) – Lighthouse Real Estate Ventures, Inc., one of metropolitan New York’s most active commercial real estate owner/operators, announced today that it has acquired certain commercial assets from the Baker Companies. The acquisition encompasses 1.9 million square feet of office/warehouse flex space across 25 properties in the tri-state area. The transaction, which closed on February 28, was valued at $209 million. The geographically diverse portfolio consists of: • Five properties in American Enterprise Park in Morris Plains, NJ (450,000 sq. ft.). • Six properties in Fairview Corporate Park in Elmsford, NY (251,000 sq. ft. plus 17 acres). • Four properties in Midland Business Park in Port Chester, NY (337,000 sq. ft.). • Six properties in Executive Campus Business Park in Orange, CT (394,000 sq. ft.). • Four properties in Shelton, Milford and Orange, CT (443,000 sq. ft.). All of the properties are set in prime sub-markets populated by Fortune 500 companies and other major corporations, where tenant demand for warehouse/flex space is historically strong. All are situated in superior corporate campuses strategically located adjacent to major thoroughfares and public transportation hubs, with easy access to metro New York and the entire tri-state region. The Baker portfolio comes to Lighthouse 92% leased, with a prestige list of tenants that includes BKM, DHL Express, Dooney & Bourke, Federal Express, JPMorgan Chase, the Wine Enthusiast, Coca-Cola and Verizon. Lighthouse Real Estate Ventures is a specialist in capital renovation and redevelopment, carefully planned leasing strategies, and responsive hands-on management. In 2007, LREV concluded three record transactions involving the sale of landmark office buildings on Long Island and in lower Manhattan, which left the firm in an unprecedented position of strength. This provided the basis for the acquisition of the Baker properties, LREV’s first foray into markets beyond major metropolitan New York, as well as its first venture in a stabilized ownership position. “The Baker portfolio was extremely attractive to us as an opportunity to apply our experience in maximizing high-risk asset performance to a group of stable properties, while diversifying our exposure across five sub-markets. It also enables us to expand our footprint in the tri-state area,” said Jeffrey Ravetz, a Lighthouse principal. About Lighthouse Real Estate Ventures Lighthouse Real Estate Ventures, Inc. (www.lighthouserev.com) is a real estate investment company specializing in transforming under-managed properties performing at below market levels into valuable, high-occupancy, quality tenanted assets. With its recent acquisition of the former Baker properties, Lighthouse has expanded its portfolio to more than 3.4 million square feet of commercial and mixed-use space acquired and substantially improved throughout New York, New Jersey and Connecticut. For more information call (516) 693-5500. |