SALE OF PIEDMONT PLACE, ATLANTA, GA

Boston - (August 6, 2007) - An affiliate of The General Investment & Development Companies (“GID”) announced today that it sold Piedmont Place to the Butters Real Estate Fund for $15,700,000. The 91,333 SF, 100% leased, office building is located in the Buckhead submarket of Atlanta. Cushman and Wakefield conducted the marketing process and Butters was selected after a highly competitive bidding process. The property was originally purchased in June 2005 for $12,950,000. The sale generated 21% appreciation on the aggregate investment in two years.

Piedmont Place’s rent roll is stocked with a diverse tenant roster comprised of leading firms in the architectural, legal and real estate sectors. The location is only minutes from the wide array of executive housing, four-star hotels, and the world class shopping and dining for which Buckhead is so well known. The property, built in 1983, has free covered parking and quick access to commuting routes, added amenities in the congested Buckhead marketplace.

About GID: The General Investment & Development Companies (GID) (www.generalinvestment.com), founded in 1960, are privately-held, diversified companies with substantial interests in both residential apartment and other commercial real estate throughout the United States. GID is headquartered in Boston, Massachusetts, and its various affiliates operate nationwide. Over its 46-year history, GID has developed and acquired apartment, condominium, office, research & development and industrial properties. Today, GID and its affiliates' portfolios are invested in 17 states including over 11,000 apartment homes in 37 properties, 755,000 square feet of suburban office space in six office buildings and 3.0+ million square feet of flex industrial space in ten business parks. Over the years, GID has developed and/or acquired over 36,000 apartment homes.