CB Richard Ellis-Press Release

Greensboro, North Carolina – CB Richard Ellis is pleased to announce its selection by Crown West Realty, LLC, to lease and manage the CentrePort Office Portfolio in Greensboro, NC. The portfolio is located at CentrePort Drive and McCloud Road, at the intersection of I-40 and Highway 68, and consists of four Class A office buildings totaling 266,368 square feet.

CBRE agents Greg Wilson, Senior Vice President, and Dodson Schenck, Director of CBRE’s Triad Region, will lead the company’s leasing efforts; while Ed Gargiulo will spearhead asset management from the new owner’s New York office.

“We are proud and excited to have been awarded the leasing and management account for the CentrePort Portfolio,” said Schenck. “These are exceptionally well located and premier, Class A assets. Our team looks forward to working with the new owners, Crown West Realty, as well as the different office users and brokers throughout the Triad.”

The CentrePort Office Portfolio includes:

  • CentrePort I, a 47,208-square-foot, Class A office building, located at 200 CentrePort Dr. that was built in 1986.
  • CentrePort II, a 62,720-square-foot, Class A office building, located at 202 CentrePort Dr. that was built in 1990.
  • CentrePort III, an 81,681-square-foot, Class A office building located at 101 CentrePort Dr. that was built in 1998.
  • One Triad Center, a 71,759-square-foot, Class A office building located at 7736 McCloud Rd. that was built in 1986.

The CentrePort Office Portfolio’s strategic location in Greensboro’s Airport submarket, and close proximity to desired amenities, make it an attractive location for Triad office tenants. The portfolio has enjoyed historic occupancy rates greater than 90 percent and is currently 72 percent leased. Major tenants in the portfolio include Ernst and Young, PriceWaterhouseCoopers, MCI and M/A/R/C.

CBRE’s Triad Region is headquartered in CentrePort III. CBRE has a management and leasing portfolio of over 2,000,000 square feet in the Triad Region.

Crown West Realty, L.L.C. is a privately owned real estate investment, development and management company with offices in New York, Phoenix, Denver and Spokane, Washington. Crown West was formed in 1996 and is the operating subsidiary of New York investment firm, Petrus Partners Ltd. Crown West owns and manages over seven million square feet of leased office, flex and industrial properties along with 600 acres of zoned industrial and commercial land. For more information, please visit Crown West’s Web site, www.crownwest.com.

About CB Richard Ellis – Triad Region CB Richard Ellis/Triad is a CB Richard Ellis partner office serving the Triad Region. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. For more information about the Raleigh office, visit our Web site, www.cbre.com/greensboro.

About CB Richard Ellis – Mid-South Region CB Richard Ellis is the only global real estate services firm with offices in Norfolk, Newport News and Richmond, VA, and Raleigh, Greensboro and Charlotte, NC. These six offices are collectively referred to as the Mid-South region and are all CB Richard Ellis partner offices. The CB Richard Ellis Mid-South offices closed more than $2.5 Billion in sales and leasing transactions in 2005 and have an asset services portfolio of more than 30 million square feet.

About CB Richard Ellis – CB Richard Ellis Group, Inc. (NYSE:CBG), a FORTUNE 1000 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2005 revenue). The Company serves real estate owners, investors and occupiers through more than 350 offices (including affiliate and partner offices) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; investment management; appraisal and valuation; and research and consulting. Founded in 1906, CB Richard Ellis marks a century of excellence in real estate services this year. Please visit our Web site at www.cbre.com.