For Immediate Release October 07, 2005

For more information: Bill Geibler (240.497.6675)

U.S. Marine Corps and Hunt/Lincoln/Clark Celebrate New Military Housing at Quantico

New neighborhood demonstrates the success of the Public-Private Venture.

Quantico, Va. - Marine Corps Base (MCB) Quantico and its families celebrated the grand opening of new state-of-the-art family housing with an official ribbon-cutting ceremony today. Through the MCB Quantico development plan, the Marines are leveraging the expertise and investment capacity of the private sector to provide critical housing for its military families. The success of the project reinforces the strong track record of performance by Clark Realty and Lincoln Property Company in both the public and private sectors.

"Today 50 percent of Marines who re-enlist are married. We are absolutely committed to providing a higher quality of life to those Marines and their families, and this privatized housing initiative is a significant part of that commitment," said General Michael W. Hagee, commandant of the U.S. Marine Corps.

Acting on behalf of the Marine Corps, the Department of the Navy formed a partnership with Hunt Lincoln Clark Family Communities, LLC to design, build, and operate the military family housing community at MCB Quantico in Prince William County, Va., and at Camp Pendleton in North County, Calif. More than $550 million has been raised to provide the military families of these installations with the secure, attractive homes and the sense of community they would experience in civilian neighborhoods.

"I have worked closely with Hunt Lincoln Clark, and I am deeply impressed with their commitment to the families of the Marine Corps," said Colonel James M. Lowe, commander, MCB Quantico.

Lyman Park is the first new enlisted family housing area to be completed at MCB Quantico under the MCB Quantico development plan. The 655 townhomes of Lyman Park will significantly increase the number of homes that are available to enlisted Marines (E1-E6) and their families. Located in the heart of MCB Quantico, Lyman Park's three- and four-bedroom homes feature modern amenities that meet or exceed those found in new developments in the civilian community.

"Here at Quantico, the Marines have entrusted Hunt Lincoln Clark with their most precious land - the land their families live on. We realize what a solemn commitment this is, and we're proud to provide these military families with the safe, comfortable, high-quality homes they deserve," said Bereket Selassie, development executive, Clark Realty.

Since the commencement of the groundbreaking on October 27, 2003, construction activities have commenced in five neighborhoods and more than 240 new homes have been delivered. The MCB Quantico development plan, which will span four and a half years, calls for the neighborhood-by-neighborhood redevelopment of the entire family housing inventory. When complete, the community will have 993 new homes, 141 apartment conversions, and renovations to three historically significant homes for a total of 1,137 homes.

The apartment conversions are a solid example of the expertise the private partners were able to bring to the project. Quantico's beautiful yet inadequate historic apartment buildings were originally slated for demolition until the Clark team devised a creative strategy to save them by converting them from stacked apartment units into walk-up townhomes.

When complete, Hunt Lincoln Clark Family Communities will manage homes at Quantico and Pendleton for the Marine Corps during the next 50 years. Hunt Lincoln Clark Family Communities, LLC is a joint venture among Hunt Building Company of El Paso, Texas; Lincoln Property Company of Dallas, Texas; and Clark Realty of Bethesda, Md. Clark Realty manages the design, development, and construction at MCB Quantico. The asset and property management services of both Quantico and Camp Pendleton are being provided by Lincoln Property Company. Hunt Building Company manages the design, development, and construction at Camp Pendleton.

This project is part of the Navy's Public-Private Ventures (PPV) program enabled by the Military Housing Privatization Initiative (MHPI), which Congress approved in 1996. The MHPI allows the military to obtain private-sector capital and expertise to develop, manage, and improve military housing. As a result, the Department of Defense is able to provide its men and women with the best housing the marketplace has to offer with a minimal tax-dollar investment.

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ABOUT CLARK REALTY
The Clark Realty organization is a fully integrated national real estate and construction company offering a broad base of services including development, capital markets, construction, investment management, property management, and real estate strategies. Founded in 1906, the Clark organization has become one of the country's premier real estate companies and the largest privately held general building contractor in the nation. Clark is headquartered in Bethesda, Md., with regional offices strategically located throughout the United States.

The Army, Navy, and Marines are leveraging the ingenuity and assured performance of Clark at 10 military installations throughout the U.S. Upon completion of current military projects, Clark will have built or renovated nearly 25,000 homes with a development value in excess of $4.2 billion.
In addition to the partnership at Quantico and Camp Pendleton, Clark is also working with the Navy at Naval Complex San Diego (Phases I & II), the Presidio of Monterey, and Naval Postgraduate School. In addition, the Department of the Navy recently selected Clark to embark in exclusive negotiations to redevelop Naval Station San Diego as part of the first large-scale public-private venture (PPV) to provide housing for single military personnel.

As a single-source provider of services across the real estate supply chain, Clark Realty understands the goals of its clients and can anticipate problems and quickly respond to the ever-changing demands of the market. The company's strengths include a highly qualified and experienced staff, substantial financial resources, and significant experience in joint venturing on large-scale projects.

For more information about Clark Realty, visit www.clarkrealty.com.

ABOUT LINCOLN PROPERTY COMPANY
Established in 1965, Lincoln Property Company is one of the nation's leading residential and commercial development, property management and asset management companies. A full-service real estate firm, Lincoln has developed over 98 million square feet of commercial space and 176,000 multifamily residential units. The company also manages over 100,000 residential units and 150 million square feet of commercial space. By the end of 2005, Lincoln Property Company's military portfolio will reach 25,000 units. With cumulative development volume exceeding $7.6 billion in residential properties and $9.6 billion in commercial properties, Lincoln has established a firm foundation in more than 200 markets worldwide. Lincoln has more than 4,500 employees in 50 offices across the country and an established presence in 26 states.

International Operations: AIG/Lincoln was established in 1995 as a strategic partnership between AIG Global Real Estate Investment Corporation; New York and Lincoln Property Company; Dallas, to acquire, develop, and manage real estate in the continental Europe with a strong focus on the Eastern & Central European markets. One of the initial ventures, in Berlin-Spandau Germany, was a residential project with approximately 250 apartments. Much of the success of the project was due to the expertise of AIG/Lincoln's shareholder Lincoln Property Company, one of the largest residential real estate developers in the USA. In 2003 the first "built-to-suit" building in Germany was delivered to IBM. AIG/Lincoln currently has projects in Spain, Italy, Germany, the Czech Republic, Poland, Hungary and Russia. AIG/Lincoln Hungary recently announced a 14.5-hectare mixed-use site to be completed in November 2005.

Military Housing Experience: Through existing partnerships, Lincoln will have under asset and property management nearly 25,000 homes in Southern California, Arizona, Texas, Virginia, Maryland, and West Virginia by the end of 2006. Lincoln has been an early and enthusiastic participant in the MHPI and continues to be a reliable partner for the military. The dedication of the Lincoln Management Team is well known throughout the military. That is a reputation Lincoln has earned and takes pride in. For more information about Lincoln, visit www.lpcmil.com.

ABOUT HUNT BUILDING COMPANY
Hunt Building Company, Ltd., founded in 1947, is a privately owned, full-service development construction company. Hunt Building has built over 33,000 housing units for various branches of the U.S. military throughout the United States and its territories, from its headquarters in El Paso, Texas. Hunt has built more military housing in the United States than any other entity.

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