Lend Lease US Office Trust Acquires One Liberty Square in Boston


	Lend Lease US Office Trust Acquires One Liberty Square in Boston Boston, MA -- (June 21, 2001) -- Lend Lease US Office Trust, an Australian listed property trust specializing in US office real estate assets, has announced it has acquired One Liberty Square, a 13-story office building located in Boston, Massachusetts. The property was acquired from One Liberty Square Associates L.P.

Originally constructed in 1926 and completely renovated in 1981, with a façade restoration in 1994, One Liberty Square consists of a total of 157,585 square feet of Class-A office space located in the heart of Boston's Financial District. The property is well known as one of Boston's classic office buildings from the 1920's, and is considered to be one of the finest office restorations in the city.

One Liberty Square is located in what is widely considered the Financial District's epicenter, and is in proximity to several of Boston's Class A office towers. The 100% leased property also offers convenient access to Boston's interstate highway network, public transportation, and several area amenities including historic Faneuil Hall, Boston's top tourist attraction.

The acquisition introduces Boston to the US Office Trust portfolio, which happens to be one of four markets targeted for acquisition by the Trust. The Trust Group considers Boston to be one of the 'gateway' cities in the US and anticipates superior medium and long-term growth performance.

Dennis Walsh, pictured at right, a Principal in Lend Lease's Boston office which will undertake the asset management of the property, said, "One Liberty Square is located in one of the strongest office markets in the United States. Boston's strong market fundamentals coupled with the building's excellent location, and strong tenant roster make this an ideal investment for the Trust Group."

"We are acquiring an asset which is a key property in its market and which provides both immediate distribution improvement and increased growth opportunity for our investors," said Michael Lunder, Portfolio Manager for Lend Lease US Office Trust. "One Liberty Square is a Class A asset, which fits our investment profile and provides diversification of the asset base, giving the Trust its first exposure in the northeastern market of the US."

Managed by Lend Lease Real Estate Investments, Lend Lease U.S. Office Trust, the owner of Lend Lease U.S. Office, Inc., is the first listed Australian property trust to specialize in office real estate assets in the United States.

Lend Lease Real Estate Investments is one of the largest real estate investment managers in the world and a leading U.S. real estate advisor to pension funds. The company has $35 billion in real estate and commercial mortgages under management in the U.S. for institutional and private clients. On a worldwide basis the Lend Lease Group is an integrated real estate funds management and services business comprising funds management, project management and construction and property development. In real estate funds management, Lend Lease provides equity and debt origination and management, in public and private markets. Lend Lease provides project management and construction services in almost 40 countries, usually on a fee for service basis, for a blue chip client base with a high level of repeat business. In property development, Lend Lease has expertise in commercial, retail and complex urban mixed use developments, with a strong retail focus, in Europe, Asia, Australia and the US, utilizing primarily third party capital.