September 20 , 2007

Contact: Nancy Brusher (954) 627-9377
                      nancy.brusher@stiles.com

Stiles Capital Partners Enters Tampa Market, Investing in SunTrust Financial Center

TAMPA, Fla. – Doug Eagon, president of Stiles Corporation, today announced that Stiles Capital Partners is entering the downtown Tampa office market, partnering with Macquarie Office Trust in the acquisition of SunTrust Financial Center. 

The addition of the SunTrust Financial Center will increase Stiles Capital Partners’ Florida portfolio to approximately $750 million, including office and retail properties totaling over 4 million square feet statewide.
“We are investing in the revitalization of the downtown Tampa market, which offers excellent growth potential,” said Eagon. “Our projections indicate strong job creation throughout the Tampa Bay region, driving ongoing demand for office space.”

Eagon indicated the acquisition is structured as a joint venture agreement with option rights which Stiles Capital Partners plans to exercise in the coming months.  Macquarie this week purchased the SunTrust Financial Center from Chicago-based CMD-WIND.

SunTrust Financial Center is a 527,000-square-foot class A office building constructed in 1992, with 25 stories of office space above a 10-story parking garage. The one-acre property is located at 401 E. Jackson Street in Tampa’s Central Business District.  Eagon noted that the property includes an adjacent parcel with a small parking garage that could be demolished for future redevelopment.

Stiles Property Management will serve as property manager for SunTrust Financial Center, effective immediately.

 “Just three years after launching Stiles Capital Partners, we are well on our way to achieving our goal of a $1 billion Florida portfolio,” said Mark Corlew, vice president and managing director. He noted that Stiles Capital Partners has holdings in Miami, Fort Lauderdale, Naples, Fort Myers, Orlando and Tampa – and continues seeking properties with strong upside potential statewide.

To date, Stiles Capital Partners has acquired 15 commercial properties in partnership with leading institutional investors.  “We combine our extensive knowledge of Florida’s local office and retail markets with the national and global perspectives of our capital partners,” said Corlew.

Among the high-profile properties Stiles Capital Partners has acquired since its founding are the 194,671-square-foot Maitland Green I & II office complex and the 136,963-square-foot Southpoint at Maitland Center Class A office building, both in the Orlando area.

The Stiles Capital Partners portfolio also includes Miami area office properties SunTrust International Center and 800 Brickell, which total 628,000 square feet.  Retail purchases have included Marketplace at Altamonte, a 335,523-square-foot shopping center in Altamonte Springs; Coralwood Shopping Center, 343,000 square feet in Cape Coral; the 112,000-square-foot Daniel’s Crossing shopping center in Fort Myers, and Red Willow, a 93,625-square-foot center in Orlando. 

Stiles Capital Partners’ growing role in the Florida investment market is creating new opportunities for Stiles’ development and property management divisions, according to Eagon. Stiles manages all Stiles Capital Partners properties from local offices around the state, and many acquisitions include vacant land suitable for future redevelopment.

“Stiles delivers a powerful combination of acquisition, development and management services,” said Eagon.  “Based on our long experience in the Florida market, we believe this is an ideal time to increase our presence in Tampa Bay and along the entire I-4 corridor, which is the state’s fastest growing region.”

Stiles Capital Partners acquires quality, well-located properties throughout Florida by using the competitive advantages of its affiliation with Stiles Corporation. Stiles Capital Partners co-invests with institutional capital to acquire properties that are expected to generate current cash flow and real appreciation over a four-to-seven-year investment cycle. Stiles Capital Partners funds are managed by Stiles Investment Services, comprised of seasoned professionals that provide real estate portfolio investment and asset management services. For more information, please call 954-627-9350
Stiles Corporation is a full-service commercial real estate development and investment company that provides clients with premier development, design, construction, financing, realty, property management, and landscaping services. Headquartered in Fort Lauderdale, the company has additional regional offices in Miami, Tampa, Ft. Myers, and Orlando, Florida. Stiles is responsible for more than 35 million square feet of office, industrial, retail, and mixed-use residential projects throughout the southeastern United States.   For more information, please visit www.stiles.com, or call 954-627-9377.