FOR IMMEDIATE RELEASE

June 27, 2005

HARBOR GROUP INTERNATIONAL PURCHASES
BP TOWER IN CLEVELAND, OHIO FOR $141.25 MILLION

Harbor Group International (HGI) of Norfolk, Virginia has acquired the 45-story, 1,270,000 square foot BP Tower in Cleveland, Ohio. HGI, in a joint venture with an institutional investor, purchased the property for $141.25 million from Equity Office of Chicago.

"BP Tower is a premier Class A asset and a great addition to our existing office portfolio", said Richard Litton, President of Harbor Group International. "We are encouraged by the numerous economic development initiatives currently underway in downtown Cleveland and we believe that an improving climate in the Cleveland office market, combined with the superior asset quality of BP Tower, will allow us to meet our investment and leasing objectives," said Litton.

The 45-story Class A office tower, which served as the North American headquarters for BP America prior to its 1999 merger with Amoco, includes a 757-space parking garage, several restaurants, a fitness center, conference facility and an eight-story atrium. The Property is currently 89.4% leased. BP Tower is located on Public Square in the center of downtown Cleveland and is accessible from Superior Avenue to the North and Euclid Avenue to the South. BP Tower’s current tenant roster includes Marsh USA, Mercer, PriceWaterhouse Coopers, National City Bank, Wells Fargo and several premier Cleveland based law firms and other professional service firms.

HGI, which holds an investment portfolio in excess of $1.3 billion, currently owns approximately 7 million square feet of office space throughout the United States and more than 10,000 apartment units.

" The BP Tower transaction is consistent with HGI’s acquisition of Class A office assets in various markets over the last several years, including Baltimore, Hartford, Cincinnati, Jacksonville and Norfolk", said Sid Bridge, Harbor Group International Spokesman. "We continue to pursue CBD office properties occupied by a strong tenant base that provide solid returns at an acquisition cost below replacement value."

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