PM Realty Group
910 Travis, Suite 1000
Houston, Texas 77002

AT PM REALTY GROUP:
Bill Goeke
SVP/Director
Southeast Division
(713) 209-5805

AT THE FINANCIAL RELATIONS BOARD:
Shannon Fesperman
Media Contact
312-640-6766

John Corey
General Information
312-640-6797

Assignment Indicative of PM Realty Group's Expertise
in Servicing Large Client Portfolios

HOUSTON - In one of the largest real estate assignments of 1998, PM Realty Group today announced that it has been awarded the exclusive national portfolio management assignment for a 28-property, multi-product portfolio spanning 3,850,000 square feet.

Awarded by PHL-OPCO L.P., the portfolio consists of office, retail and industrial properties located in Kentucky, Maryland, Ohio, Texas, Florida, Georgia, North Carolina, Kansas and California.

According to Rick Kirk, President of PM Realty Group, "This assignment represents a significant validation of our strategic plan and commitment to providing a full spectrum of real estate services. The awarding of this assignment is a result of the endeavors of every division of the company."

Jimmy Gunn, Executive Vice President of PM Realty Group's Property Services division, states that the firm was ideally suited for this assignment due to its infrastructure and experience in transitioning large, geographically dispersed portfolios.

"In addition to our national presence and reputation for performance, we have the local market knowledge, relationships and presence to quickly staff and transition this portfolio," said Gunn. "Through the application of state-of-the-art technologies, proven transition programs and management procedures, we will be able to address portfolio needs on both a national and local market level."

Gunn also noted that PM Realty Group provided an array of valuation and consulting services to the buyer for this assignment.

About PM Realty Group

PM Realty Group is a privately-held real estate service organization with more than 1,300 employees and 20 divisional and regional offices. Based in Houston, Texas, the company traces its roots back to 1954. PM Realty Group today conducts business in nearly every state, providing comprehensive real estate services to institutions, investors, corporations, real estate investment trusts, government agencies and healthcare providers.

PM Realty Group offers clients the full spectrum of real estate services, including property and facility management, leasing and marketing, corporate services, investment services, construction management, asset management and development, engineering services, portfolio administration, disposition and acquisition, consulting and due diligence and healthcare services.

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