For Immediate Release January 16, 2008

For more information: Joy Lutes 1.877.846.7760

Clark Hosts Topping Out Celebration at Pacific Beacon

Event Held to Mark Completion of Structural Phase of Main Building

SAN DIEGO - Clark Realty achieved yet another important milestone on its "first of its kind" Pacific Beacon Bachelor's Enlisted Quarters (BEQ) project.  This week, a topping out ceremony, led by the project's general contractor Clark Construction Group, celebrated the successful and seamless completion of the structural phase of the primary residential building.  Admiral Len Hering, Commander, Navy Region Southwest, attended the event along with executives from the Clark Realty and Clark Construction teams and over 700 subcontractors that contributed to the effort.

"This project is setting the bar as the first privatized bachelors quarters project in DOD, and this topping out is a major accomplishment," said Jerry Dunaway, project executive of Naval Facilities Engineering Command Southwest.  "Our hard working Sailors will soon enjoy a lifestyle community like no other in the history of the United States Navy. We are enthusiastically proud to call Clark Realty our partner on this project."

Upon completion, Pacific Beacon will include four 18-story towers in three distinct residential buildings boasting magnificent water and city views.  The concrete structure of the Pacific Beacon project reaches 191 feet to the roof of the 18th floor in each tower. The primary residential building will eventually rise to 213 feet and house the signature "Beacon Rooms," open air rooftop lounges and recreation areas that overlook the San Diego harbor.  The second and third buildings of the Pacific Beacon community will reach their topping out milestone later this quarter.

"Thanks and recognition go to members of the Clark Realty development and design team, our partners at the Navy and most importantly Clark Construction Group and their world class subcontractors," said Bryan Lamb, development executive of Clark Realty Capital.   "We have achieved this significant milestone thanks to the skillful management and tireless efforts of this talented group."

Pacific Beacon will provide a customized "at ease" lifestyle for nearly 2,000 single enlisted sailors. The unprecedented housing development includes the new construction of 941 dual master suite units. Featured amenities will include a resort-style swimming pool on the Sky Terrace and a state-of-the-art fitness center.

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About Clark Realty

Clark Realty is a fully integrated national real estate company offering a broad base of services including capital markets, development, construction, property management, and investment management. The Army, Navy, Air Force, and Marines are leveraging the ingenuity and assured performance of Clark Realty at 12 military installations throughout the United States. Upon completion of current military projects, Clark Realty will have built or renovated over 34,000 homes with a development value in excess of $4.9 billion. For more information, visit www.clarkrealty.com.

About NAVFAC

Innovation, Leadership, Performance. The Naval Facilities Engineering Command (NAVFAC) manages the planning, design, construction, contingency engineering, real estate, environmental and public works support for U.S. Navy shore facilities around the world. We provide the Navy's forces with the operating, expeditionary, support and training bases they need. NAVFAC is a global organization with an annual volume of business in excess of $7.6 billion. As a major Navy Systems Command and an integral member of the Navy and Marine Corps team, NAVFAC delivers timely and effective facilities engineering solutions worldwide.

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