GID INVESTMENT ADVISERS SELLS NEW YORK CITY PORTFOLIO ON BEHALF OF THE OREGON PUBLIC EMPLOYEES RETIREMENT FUND

Boston - (December 15, 2005) - GID Investment Advisers LLC (“GID”) closed on a three-property, New York City portfolio on behalf of an affiliate of the Oregon Public Employees Retirement Fund (“OPERF”). Granite Partners represented GID in selling 1430 & 1438 Third Avenue and 254 Park Avenue South, all located in Manhattan. The portfolio consisted of 380 rental units and 25,000 square feet of retail space. The two Third Avenue properties were sold to Broad Street Development and 254 Park Avenue South was sold to Tri-Realty Partners.

254 Park Avenue South is a loft building located in the heart of the Flatiron District in one of New York’s hottest residential submarkets. The 212-unit property was sold to a condominium converter planning a ‘gut’ renovation to the building. The $63,000,000 sales price equated to a 3.5% capitalization rate.

1430 and 1438 Third Avenue closed on September 8, 2005. 1430 Third Avenue is a 21-unit building with a mix of rent stabilized and rent controlled units. 1438 Third Avenue is a 147-unit high-rise with market rate units. Broad Street plans to convert the units to condominiums in this family oriented neighborhood. The combined $85,000,000 sales price equates to a 3% capitalization rate.

GID acted as property manager, asset manager and adviser in the disposition of these properties on behalf of OPERF.