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

AT PM REALTY GROUP:
John Gerber
Executive Vice President
(312) 579-8000

AT THE FINANCIAL RELATIONS BOARD:
Janika Kuntz
Media Contact
312-640-6766

John Corey
General Information
312-640-6797

FOR IMMEDIATE RELEASE
Apr 12, 1999

PM REALTY GROUP INVESTMENT SERVICES ACQUIRES SEASONED INVESTMENT TEAM IN SOUTHERN CALIFORNIA

Appointments Expand PM Realty Group's Investment
Capabilities on West Coast

NEWPORT BEACH, CA - PM Realty Group Investment Services, the Chicago-based investment arm of PM Realty Group, today announced the appointment of Donald J. MacLellan, 40, and William C. Howatt, 49, to Senior Vice Presidents/Directors of Investments for the Western Region. Formerly with CB Richard Ellis, the strategic investment team has directed the acquisition and sale of more than $600 million of investment properties.

According to John Gerber, president of PM Realty Group Investment Services, MacLellan and Howatt bring a specialized team approach to PM Realty Group through their complimentary backgrounds and skill sets in acquisitions, dispositions, development and leasing.

"Don and Bill have been a successful investment team for more than ten years, and we look forward to the experience and expertise they will bring to the Western Region." said Gerber. "Their commitment to strong client relationships and quality service make them a good fit within the PM culture. We're delighted to have them on board."

About Donald MacLellan

As senior vice president and director of investments, MacLellan's responsibilities include sourcing, marketing and closing of investment real estate in the Southern California region, as well as the oversight of client relationships nationwide.

MacLellan has several years of experience in the acquisition and disposition of office, retail and industrial investment properties. Prior to joining PM Realty Group, he spent 14 years with CB Richard Ellis, most recently as a company vice president. During his tenure at CB, MacLellan earned several designations and awards based on his pace-setting investment sales activity.

Throughout his 14 year career, MacLellan has worked with clients such as SBD International; Karsten Institutional Realty Advisors; Brinderson Development; BCED of Canada; RREEF; Bechtel; Pacific Mutual Life Insurance; Hutton Development; Nexus USA; USAA Insurance Company; Cabot, Cabot and Forbes; Westwood Financial; Sammis Development; William Lyon Company; Colony Advisors; ICI Development; The Bosc Group; Aetna Investment Group; AEW; and Walton Street Capital.

He earned his bachelor's degree from California State University in Long Beach.

About William Howatt

As senior vice president and director of investments, Howatt's responsibilities include sourcing, marketing and closing of investment real estate in the Southern California region, as well as the oversight of client relationships nationwide.

William Howatt brings to PM Realty Group Investment Services several years experience in the development, acquisition and disposition of investment properties. A former vice president of CB Richard Ellis where he spent 15 years, Howatt also has an extensive background in commercial leasing.

During his 25-year career in real estate, Howatt has worked with clients such as Lincoln Property Company; RREEF; Doerken Properties; The Bosc Group; NewMark Merrill Companies; Irvine Company; Westwood Financial; Burnham Pacific; Walton Street Capital; Hamilton Company; Aetna Investment Group; AEW; Colony Advisors; Pacific Mutual Life Insurance; Cabot, Cabot and Forbes; Nexus USA; and ICI Development Company.

Howatt attended San Diego State University.

About PM Realty Group Investment Services

PM Realty Group Investment Services specializes in the acquisition and disposition of office, industrial, multifamily and special-use portfolios, as well as underwriting and due diligence services for institutional clients nationwide.

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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