NAAMANS CREEK

Boston - (December 15, 2005) - GID Investment Advisers LLC (a division of the General Investment & Development Companies) announced today that it acquired five buildings totaling 175,796 square feet located at the Naamans Creek Business Center in Boothwyn, Pennsylvania. Naamans Creek Center is a first-class office/flex campus consisting of 17 buildings with over 670,000 square feet, located in close proximity to the Philadelphia International Airport and Interstate 95.

The five assets in Naamans Creek Center, built between 1998 and 2002, have 45% finished space (office, lab, and showroom) and 55% industrial space. The assets were 97% occupied at the time of sale and are situated on over 23 acres. Naamans Creek Center is located directly on Route 322 with easy access to Interstate 95 and the Philadelphia International Airport. The well-constructed buildings offer a timeless brick exterior and functional interiors that have been designed with maximum flexibility in mind. The buildings accommodate tenants with space requirements from 1,000 to 59,000 square feet.

Bill Chiasson, Vice President of Real Estate Acquisitions, represented GID in the transaction and said "Naamans Creek Center’s close proximity to I-95, the Philadelphia Airport, and executive housing, make it the premier flex park location in all of Delaware County.” The tenant roster includes NeighborCare, Novasep, Martin-Baker America, and Delaware Valley Surgical Supply.

Bob Karp, GID’s Director of Flex/Industrial Acquisitions said “Due to GID’s experience in the management and leasing of this product type, we anticipate growing the flex/industrial component of our real estate business dramatically in the next few years as we feel the product type currently provides a better risk adjusted return than other real estate classes.”

GID’s flex/industrial portfolio has now grown to three million square feet with locations in six markets (Atlanta, Dallas, Raleigh, Richmond, Memphis, and Philadelphia) as well as land available to develop another 650,000 square feet. Other markets targeted by GID include the Mid-Atlantic region, New Jersey, New England, Chicago, Florida, California, Arizona, Texas, and the Pacific Northwest. The investment strategy is to acquire properties built since 1980 with quality tenant rosters in institutional locations.