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Falcon Real Estate Completes a Record
$1 Billion in 2007 Transaction Activity

Falcon Real Estate is pleased to announce a new company record of more than $1 billion in acquisition, disposition and leasing activity during the year just completed, 2007. Howard Hallengren, chairman of Falcon Real Estate commented, “We are proud of our 2007 accomplishments and our strong 17-year track record of advising offshore investors in the U.S. commercial real estate market. Our expertise in crafting custom investment strategies that are tax efficient and meet the client’s risk and return objectives continues to yield superior returns.”

During 2007, Falcon was able to advise clients on five purchases totaling over $297 million and a record breaking 5.5 million square feet. Also, taking advantage of the highly priced market, Falcon advised clients on seven property sales totaling almost $591 million. The largest of these sales was that of Two Rodeo Drive in Beverly Hills, California, for $275 million. The firm also had the most active leasing year in its history, completing 48 lease transactions for almost 1.1 million square feet with an aggregate lease value of about $116 million. Finally, Falcon ended the year with slightly more than 13 million square feet under management. This is another record and an increase of more than 3.9 million square feet or 43% when compared to year-end 2006.

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Announcements
January 2008