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

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

AT THE FINANCIAL RELATIONS BOARD:
Gillian O'Donoghue
Media Contact
312-640-6689

John Corey
General Information
312-640-6797

Houston, Texas– On behalf of its client, Telephone Real Estate Equity Trust, PM Realty Group’s Investment Services division today announced that it has successfully negotiated the sale of Park Central Plaza, a Class B+ office building, to BGK Equities II LLC, a private investment firm headquartered in Santa Fe, New Mexico. John S. Dailey, senior vice president of PM Realty Group’s Investment Services Division, was the sole broker in the transaction.

Located at 1111 North Loop West in Houston, Park Central Plaza is an 11-story office building consisting of 181,671 square feet of space and is currently 95 percent occupied. Prior to marketing the building for sale, PM Realty Group improved the building’s value through a targeted lease-up and capital improvement program. In step with the building’s marketing campaign, this value-enhancement strategy resulted in an excellent sale price for the owner. “This transaction exemplifies our ability to provide a complete range of real estate services for our clients -- from lease-up to capital improvements through disposition,” said Dailey. “With outstanding operating efficiency and tenant service in place, we were able to achieve both the buyer and sellers’ objectives for the property. This deal is a win-win situation for everyone”

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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