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

AT PM REALTY GROUP:
Terry Thompson
Senior Vice President
949-794-5066

AT WEBER SHANDWICK:
Laurel Krome
Media Contact
312-988-2044

Pam Munoz
General Information
312-988-2047

FOR IMMEDIATE RELEASE
Feb 23, 2004

MAKAR PROPERTIES OUTSOURCE OFFICE PROPERTIESFOR FIRST TIME TO PM REALTY GROUP

PM Realty Group Awarded Property and Construction Management Services Assignments Totaling 152,740 sf -- Cypress Crossroads and 4100 MacArthur Boulevard in Orange County

ORANGE COUNTY, CALIFORNIA – PM Realty Group, one of the nation’s leading full-service commercial real estate firms, today announced it has been selected by Newport Beach-based Makar Properties to provide exclusive property management and construction management for the Cypress Crossroads building in Cypress and the 4100 MacArthur Boulevard building in Newport Beach.

“With such high-end residential properties in its portfolio such as the St. Regis, Makar Properties understands the importance of quality service,” said Terry Thompson, Vice President of Southern California Operations, PM Realty Group. “Makar Properties selected PM Realty Group for these assignments based on our attention to quality services and our regional support staff in California.”

Details on each of the assignments follow:

- Cypress Crossroads is a 106,850-square-foot building in Cypress. The five-story, Class-A building is located at 10833 Valley View Street and is adjacent to the 22, 91, 405 and 605 Freeways. The recently renovated building is also adjacent to the Marriott Courtyard Hotel. The building was built in 1988.

- 4100 MacArthur Boulevard is a 45,890-square-foot building in Newport Beach. The three-story, Class-A building is located in the Orange County Airport submarket, and is the headquarters of Capital Pacific Holdings, Inc.

- Shirley Bernhard, Property Manager at PM Realty Group, will manage the properties, while Marc Fertig will oversee the properties as General Manager. Terry Thompson, Vice President of the Southern California region at PM Realty Group, leads the property management team.

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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