GID PROMOTES NIGEL T. KEENAN TO DIRECTOR OF OFFICE PROPERTY INVESTMENTS

Boston - (June 1, 2002) - Nigel T. Keenan has been promoted to Director of Office Property Investments at Boston-based The General Investment & Development Companies ("GID"). In addition to his apartment and industrial/flex acquisition responsibilities for the Mid-Atlantic Region, he will now direct the firm’s office property acquisition activities.

Mr. Keenan joined GID in 1993 as an Acquisition Analyst. He was promoted to Vice President, Acquisitions in 1996 and contributed to GID’s highly successful Windsor Realty Fund-II investment activity. WRF-II acquired 3.8 million square feet of suburban office space in 14 different properties in a co-investment joint venture with a major institutional investor. WRF-II was subsequently sold in its entirety to a REIT in January 1998. Since January 1998, Mr. Keenan has had primary responsibility for acquiring apartment communities in the Mid-Atlantic Region on behalf of Windsor Realty Fund-III, GID’s co-investment joint venture with the California Public Employees’ Retirement System.

Previous to joining GID, Mr. Keenan was an Asset Manager at Boston Financial Group. He graduated from University College Dublin (“UCD”) in April 1988, earning his Bachelor of Commerce degree. Mr. Keenan is a member of the Urban Land Institute and a member of its IOPC Gold Council.

The General Investment & Development Companies ("GID"), founded in 1960, are privately-held, diversified companies with substantial interests in both residential apartment and commercial real estate throughout the United States. GID is headquartered in Boston, Massachusetts, and its various affiliates operate nationwide. Over its 43-year history, GID has developed and acquired apartment, condominium, office, research & development and industrial properties. Today, GID and its affiliates' portfolios include 15,367 apartment homes in 18 states and the District of Columbia and 2.1 million square feet of commercial office property. Over the years, GID has developed and/or acquired nearly 30,000 apartment homes.

“Nigel has been a valuable contributor to GID’s acquisition efforts for the last decade,” commented Robert E. DeWitt, GID's President and CEO. “His experience, leadership and energy will help us to build a quality portfolio of suburban office properties that meet the return expectations of GID and our investment partners.”

For more information, please call Robert E. DeWitt, President and CEO, or Kathy Milligan, Director of Human Resources at GID at (617) 973-9680 or visit GID's website at www.generalinvestment.com. Photo available upon request.