ALAMEDA DISTRICT PLAN

The Company, in association with Villanueva Capital was selected by the United States Postal Service to manage the planning, entitlement and marketing for USPS’s Terminal Annex property in downtown Los Angeles. The property included a 500,000 square foot building and 18-acres of land. In July 2000, the Company engineered a sale of the historic building to Dallas-based INFOMART Holdings. In March of 2002, the Company arranged the sale of six acres of land to The California Endowment, a private, statewide health foundation, on which the Endowment has constructed its headquarters.

Appraised at $24.0 million by the USPS, the total sale proceeds one year after the appraisal exceeded $53.0 million and enabled the USPS to retain sufficient acreage to construct a new mail distribution center on the remaining land.