Campus Partners appoints CB Richard Ellis

to manage South Campus Gateway

With the construction phase of the South Campus Gateway drawing to a close, Campus Partners has tapped CB Richard Ellis to oversee management responsibilities for Gateway.

“We’re pleased to entrust this very challenging mixed-use development to a firm with such an accomplished reputation,” said Terry Foegler, president of Campus Partners. “When we searched for a property management team with the expertise and range of skills to guide Gateway through its opening and ongoing operation, CB Richard Ellis was a natural fit. CB Richard Ellis is a global leader in real estate services, and it has strong roots right here in central Ohio. Creating the optimal blend of property management and business services to provide a sound foundation on which Gateway can establish itself as a vital ‘urban’ destination will require the highly specialized expertise and CB Richard Ellis brings to the table,” Foegler explained.

“CB Richard Ellis is very pleased to be a part of Gateway,” said Robert Click, senior managing director for CB Richard Ellis’ Columbus (Central Ohio) office. “The revitalization of the University District, an area that is part of the very fabric of Columbus, is an important development for our city. CB Richard Ellis’ global presence and experience allows us to apply our insight and resources on a local level to ensure optimal results – that’s good for all of Columbus. And the vision and execution of this truly unique and complex mixed-use redevelopment project make it a living model for projects in other cities around the globe.”

Randy Woodle, managing director for CB Richard Ellis, agrees. “We are confident that South Campus Gateway will be a destination, positioning High Street as a pedestrian-oriented, 21^st century ‘Main Street’ and providing a vital gateway to the university campus and surrounding neighborhoods. As important, we are committed to putting into place a management team whose combined expertise and skill sets will provide a strong on-site presence over the long-term. After all, these are the people who put the face on Gateway for our tenants, our neighbors and our visitors. Putting this team in place tells the community we’re open for business. It makes

Gateway a reality.”

Joining Woodle as the core Gateway management team are Robert Turrin as general manager; Jerry Johnson, marketing director; Andy Guthrie, maintenance director; Connie Gaiser, accountant; and Matt Tomlin, security director. Zachary Kirk and Brenda Newman, both senior associates of CB Richard Ellis, assume responsibility for retail leasing. Greg Thomas, first vice president and office specialist, is charged with leasing office space.

CB Richard Ellis also will manage Campus Partners’ contracts with companies for parking and

security services and apartment management.

Standard Parking, with offices in Columbus, has been selected to manage Gateway’s 1,200-space, five-floor parking garage. Valor Security Services, headquartered in Marietta, Ga., has been selected to provide a private security team. Towne Properties of Cincinnati has been awarded the contract to lease and manage the 184 apartments in Gateway Buildings A, B and F. The apartments will be leased primarily to graduate and professional students and faculty and staff at The Ohio State University.

About South Campus Gateway

South Campus Gateway is the signature project in Campus Partners’ program to revitalize High Street and the University District neighborhoods. When fully occupied, Gateway will represent 225,000 square feet of retail, 90,000 square feet of office space, 184 apartments and a 1,200-space parking facility.

About CB Richard Ellis

CB Richard Ellis (NYSE:CBG), a FORTUNE 1000 company headquartered in Los Angeles, is the world's leading commercial real estate services firm (in terms of 2004 revenue). The company serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. Including partners and affiliates, the company has over 300 offices in more than 50 countries around the world. Visit its web site at <www.cbre.com>.

About Towne Properties

As Cincinnati’s most honored developer, Towne Properties has been creating and managing great places to live, work, shop and play since 1961. Today, Towne manages a diverse portfolio consisting of apartments, condominium and homeowners association units, retail and office space and recreational properties. Towne’s long-term commitment to quality management assures residents that capable, service-oriented professionals will manage their community. Visit its website at <www.towneprop.com>.

About Standard Parking

Standard Parking is a leading national provider of parking facility management services. The company provides on-site management services at multi-level and surface parking facilities for all major markets of the parking industry. Standard Parking manages parking facilities containing more than one million parking spaces in hundreds of cities across the United States and Canada.

About Valor Security Services

Valor Security Services is a leading provider of security services for malls, shopping centers and open-air marketplaces throughout the United States since 1991. The company has continually honed its approach to security in retail and entertainment environments with an ongoing commitment to innovation in programs, training and specialized services.

June 30, 2005