Foundation to Lease 12,000 SF in The Forum Until New Building is Completed

ATLANTA, June 15, 2001 ­ One of Atlanta's most visible non-profit foundations has announced plans to build an office building at the Piazza at Paces, a new mixed-use community in Buckhead.

The Arthur M. Blank Family Foundation and AMB Group, LLC plan to build a three-story building just west of the Borghese, a 64-unit luxury condominium that is part of the Piazza at Paces. The new building will be between 30,000 and 40,000 square feet in size and will include private and public gardens, underground parking, and highly detailed exterior and interior finishes.

"The developers of the Piazza at Paces share my commitment to quality and excellence," said Mr. Blank, who serves as trustee of the Foundation and is a co-founder and retired co-chairman of The Home Depot, Inc. "It is my hope that the Foundation will be able to call this new building home for decades to come. I am extremely pleased with the location we have selected for our offices."

Until the building is complete, the Foundation will utilize 12,000 square feet of space on the sixth floor of The Forum, the 212,000-square-foot office building on the northeastern edge of the Piazza property. The Borghese and The Forum are both adjacent to the Piazza, a formal garden that anchors the community.

"The Blank Family Foundation and the Piazza at Paces are an excellent match in terms of dedication to architectural quality," said Bob Anderson, president of Ronus, Inc., the primary backer of the Piazza at Paces. "This news is a real positive for the overall development. Arthur has already built quite a legacy in Atlanta, and we are confident that the Foundation ­ and its new home ­ will be a lasting part of that legacy."

With the Foundation lease, the Forum will be 70 percent leased. Other tenants include Bowen Hanes & Company, CGR Advisors, CM Allen, Greenberg Traurig LLP, Right Consulting and Southeast Capital Partners. The Forum is managed by CNM Associates.

The Blank Family Foundation building is currently in the design phase. Construction of an underground 120-space parking garage is expected to begin this summer, followed by construction of the building. The new building's exterior design will be handled by Surber Barber Choate & Hertlein, the interior designer will be Culpepper, McAuliffe and Meaders, and design and construction management will be directed by Darden & Company. Norman Askins will participate as a design consultant.

Founded in 1995, The Arthur M. Blank Family Foundation is committed to supporting programs and organizations that create opportunity, enhance self-esteem, and increase awareness about cultural and community issues among young men and women. Grants to date total close to $40 million. Founded in 2001, AMB Group, LLC provides investment management and administrative support for the Blank family estate, as well as the Blank Family Foundation.

Piazza at Paces (www.piazzaatpaces.com) is Buckhead's premier mixed-use development. In addition to the 212,000 square foot Forum, the first phase of the community includes The Borghese, a 64-unit luxury condominium being developed by Southeast Capital Partners with Ronus as its primary investor. On contiguous land, Gables Residential Trust is developing 79 luxury apartments and Southeast Capital Partners is building 40 for-sale townhomes that are also part of The Piazza at Paces. Amenities at The Forum will include Joël, a brasserie-style restaurant, a First Union bank, a day spa and salon, a newsstand, sundry shop, car detail, concierge, florist, a dry cleaner and shoe shine.