Construction Begins at Waterview; Landmark One-Million-Square-Foot Pro

    Business Editors/Real Estate Writers

    CHEVY CHASE, Md.--(BUSINESS WIRE)--April 21, 2005--The JBG Companies, Trizec Properties Inc. (NYSE:TRZ) and CIM Group today announced that construction has begun on Waterview, a one-million-square-foot mixed-use development in Rosslyn, Virginia.
    Located on a high-profile 2.16 acre site at the foot of the Key Bridge in the Rosslyn submarket of Arlington, Virginia, Waterview will be comprised of two 300 foot high towers designed by the famed architectural firm of Pei, Cobb Freed and Partners. The 24-story, 633,000 square foot office building has been leased by The Corporate Executive Board. Another 29-story tower will feature 136 condominium residences and a 155 room Palomar Hotel, managed by the Kimpton Group (www.kimptongroup.com). The buildings will be joined by a terrace at the fourth-floor level that will be home to a destination restaurant offering sweeping views of the Potomac River and the Nation's Capital. Construction is anticipated to be completed in August 2007.
    Michael Glosserman, a Partner of The JBG Companies, said "JBG has been involved in Waterview for over 15 years and it is very satisfying to move into this phase of the project. Every element of Waterview is of the very highest caliber, from the location to the design team to the tenant - everything is world class. We are honored that we, together with our partners, are helping to shape the Rosslyn of tomorrow, a market in which we have had a long standing relationship."
    Tim Callahan, Trizec's President and Chief Executive Officer, commented, "As an owner and as the future office tower property manager, we are pleased to be a part of this exceptional development and look forward to delivering an extraordinary workplace to our newest customer, The Corporate Executive Board for many years to come."
    "Waterview is an exceptional urban, infill and mixed-use project in an unparalleled location, which is a perfect fit with our investment profile. We are pleased to be partners with The JBG Companies, Trizec Properties, Inc, Corporate Executive Board, Kimpton Group and the many other team members that have made this project a reality," noted Charles E. Garner II, principal, CIM Group.
    Terry Holzheimer, Director of Arlington Economic Development stated, "Arlington is tremendously pleased that Waterview has broken ground. We consider Waterview to be a landmark project, and an extraordinary structure which will anchor Arlington's skyline. In addition, it will make an impressive home for the offices, hotels and residents who occupy it." Arlington County officials worked closely with the Waterview team throughout multiple phases of the project, including helping to secure a marquis tenant, the Corporate Executive Board.
    In October of 2004, the entire office component of Waterview was leased to The Corporate Executive Board Company (NASDAQ/NM:EXBD), a leading provider of best practices research and analysis focusing on corporate strategy, operations and general management issues. The 20-year lease was the largest private sector lease transaction ever to be executed in the Washington, DC market.
    Headquartered in Chevy Chase, Maryland, The JBG Companies are a group of related entities engaged in the development, acquisition and management of significant office, hotel, residential and mixed-use projects. Since its founding in 1960, JBG has developed or invested in 35,000,000 square feet of office space, 8,000 residential units, 2,500 hotel rooms and 6,000,000 square feet of retail space representing in excess of $10 billion in value, all in the Washington Metropolitan Area. JBG's current portfolio consists of 8.9 million square feet of office space, 1,655 hotel rooms, and 4,892 residential units. For more information, please visit www.jbg.com.
    Trizec Properties, Inc., a real estate investment trust (REIT) headquartered in Chicago, is one of the largest owners and operators of commercial office properties in the United States. The Company has ownership interests in and manages a high-quality portfolio of 51 office properties totaling approximately 37 million square feet concentrated in the metropolitan areas of seven major U.S. cities. The Company's 4.4-million-square-foot Washington, D.C.-area portfolio includes a diverse group of properties in the District, Northern Virginia, and suburban Maryland. The Company trades on the New York Stock Exchange under the symbol TRZ. For more information, visit Trizec's web site at www.trz.com or call toll free at 1 (800) 891-7017.
    The $676 million CIM Urban Real Estate Fund is managed by Los Angeles-based CIM Group, a full service real estate investor and operator focused on urban districts. The fund, formed in 2001 with investments from the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS), is designed to pursue urban infill projects. Each CIM investment is evaluated based on proven land use and design principles of successful urban districts, and focuses on the unique strengths of the location and the needs of the community. More information is available on CIM's website at: www.cimgroup.com.

    Images available upon request

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CONTACT: The JBG Companies, Chevy Chase Jeffrey L. Tanck, 240-333-3729 or Trizec Properties, Inc. Dennis C.Fabro, 312-798-6290 or CIM Group Casey Sayre & Williams Karen Diehl, 310-396-2400

KEYWORD: MARYLAND DISTRICT OF COLUMBIA INDUSTRY KEYWORD: BANKING REAL ESTATE BUILDING/CONSTRUCTION SOURCE: The JBG Companies

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