GID INVESTMENT ADVISERS SELLS 184 THOMPSON STREET ON BEHALF OF THE OREGON PUBLIC EMPLOYEES RETIREMENT FUND

Boston - (March 31, 2005) - GID Investment Advisers LLC (“GID”) sold 184 Thompson Street in the Greenwich Village neighborhood of Manhattan on behalf of the Oregon Public Employees Retirement Fund (“OPERF”). Holiday Fenoglio Fowler, L.P. represented GID in 140-unit property. The property also has 9,300 square feet of retail space.

The property is situated in the heart of Greenwich Village, arguably the most popular and well-known neighborhood in New York. 184 Thompson Street is within a short walk of restaurants, entertainment and nightclubs. Broad Street Development purchased the property for $54,500,000 with the intent to convert the property to condominiums. The buyer completed due diligence and closed within 17 days of being selected as the buyer. The sale price equated to a 2.6% capitalization rate.

GID acted as property manager, asset manager and adviser for OPERF.