August 2007 The Alter Group® Relocates to Riverwalk Arizona Phoenix, AZ – The Alter Group (www.altergroup.com) has relocated its Southwest regional office to the Riverwalk Arizona business park in Scottsdale, AZ. Michael J. Alter, President of the national corporate real estate development firm, announced that The Alter Group’s new space is located at 7500 North Dobson Road. “As The Alter Group’s flagship development in Phoenix, Riverwalk Arizona is emblematic of our increasing presence in this dynamic, high-growth market that we initially entered less than 10 years ago,” Alter said. “Since developing Desert Canyon Corporate Campus -- our inaugural project in this market -- The Alter Group has expanded its presence significantly, and we now control more than 500 acres of prime land in the metropolitan Phoenix area. Our Phoenix-area portfolio today includes Corridors – Phoenix, the Arizona Health & Technology Park, Peoria Center at Arrowhead and the Buckeye Logistics Center. Our decision to move our Phoenix regional office permanently to Riverwalk Arizona represents our long-term commitment to this market.” The Alter Group’s exclusive leasing agent for Riverwalk Arizona is CB Richard Ellis, represented by Jerry Roberts, Senior Vice President. Kurt W. Rosene, Senior Vice President of National Development, represented The Alter Group in the transaction. One of the country’s largest developments on Native American land to date, Riverwalk Arizona will yield an estimated 1,500,000 SF of corporate office and retail space, and create up to 15,000 new jobs. “Thanks to its phenomenal population growth – Maricopa County has added more than 3,000,000 residents since 1970 – demand for Class A office space in the Phoenix area has reached unprecedented levels,” said Kurt W. Rosene, Senior Vice President, National Development, of The Alter Group. “More than 500,000 SF was absorbed during the first quarter of 2007 alone, and the anticipated delivery of new space is expected to have a considerable impact on availability, offering much-needed relief to tenants who have had difficulty finding appropriate space. Leasing activity will gain momentum in 2007 as Phoenix is expected to add approximately 70,000 jobs this year alone. Approximately 1,000,000 SF of new space was delivered during the first quarter of 2007, and absorption rates for the year are expected to exceed the 2006 total of just more than 3,000,000 SF.” The Alter Group recently completed the development of two speculative office buildings at Riverwalk Arizona totaling 162,882 RSF. The Class A office buildings include 7500 North Dobson Road, with three stories and 98,864 RSF; and 7580 North Dobson Road, with three stories and 64,018 RSF. The buildings, as well as the first phase of the riverwalk water feature, were delivered during the 1st quarter of 2007. The park currently is home to the 142,000 SF Arizona Design Center, and a 150,000 SF headquarters office is underway for Medicis Pharmaceutical Corporation. Riverwalk Arizona is set on prime land owned by the Salt River Pima-Maricopa Community, home to the Pima and Maricopa Indians, descendants of the ancient Hohokam Indians. The community was created in June of 1879 and consists of 53,600 acres – with 19,000 maintained as a natural preserve. Adjacent to The Alter Group’s land site is The Pavilions, a 140-acre retail shopping center; Casino Arizona; and the Talking Stick Golf Club. The Alter Group is a national corporate real estate development firm with five vertically integrated affiliate companies. Each offers specialized services, including brokerage, healthcare facility development, construction, and property management. The Alter Group, founded by William A. Alter in 1955, has developed close to 100,000,000 SF of speculative projects for its own portfolio and build-to-suit facilities for corporate users. This year, the company has 6,700,000 SF of space, worth $796,000,000, under development in national markets. The firm was recently ranked as # 4 in the National Real Estate Investor survey of America’s top office developers for the second consecutive year. 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