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The Tuckerman Group Announces Commencement of Multi-Family II Program

The Tuckerman Group Announces Commencement of Multi-Family II Program

Business Editors

PURCHASE, N.Y.–(BUSINESS WIRE)–June 22, 2000

The Tuckerman Group, the real estate investment unit of State Street Global Advisors (SSgA), today announced the launch of its Multi-Family Development Program II. The Tuckerman Group’s Multi-Family Development Program II is an extension of its highly successful Multi-Family Development Program I, a specialized investment program focused on ground-up development and eventual sale of multi-family properties.

Development Program II will approach $200 million in total asset capitalization. Investors in the program include State Street Corporation and six other institutional investors, two of which participated in the Development Program I.

Donald Conover, chairman and chief executive officer of The Tuckerman Group, said: “We are extremely excited to embark on the second phase of our Multi-Family Development Program. We expect to continue the success of Program I by providing our investors with short-term capital growth and exceptional returns.”

The Tuckerman Group’s Multi-Family Development Program I was established in 1997 and was completed in March 2000. It financed the construction of five luxury apartment complexes throughout the United States, representing in excess of $108 million in total asset capitalization. Development Program I provided investors with a total internal rate of return (IRR) of 26.7 percent.

Concurrent with the kick off of Development Program II, The Tuckerman Group closed on a multi-family development project in Austin, Texas – Rolling Oaks. The property is the first investment for Development Program II and is a 494-unit, luxury, garden-style apartment community. The property consists of 26 three-story buildings containing a total of nearly 460,000 square feet. The development occupies a 39-acre site. Construction on Rolling Oaks began in May 2000, with delivery of the first units for occupancy by March 2001. Fairfield Residential LLC is the developer.

Charles Lauckhardt, president and chief investment officer of The Tuckerman Group, said: “We have a long-standing, successful relationship with Fairfield. We look forward to working with them again and are confident that they will deliver a high quality product.”

Fairfield Residential LLC is a privately-owned development, construction and property management company specializing in residential properties in 14 states. Fairfield has been involved in the planning and development of over 45,000 residential units, as well as the planning and development of large scale master-planned communities totaling over 2,000 acres. Fairfield was the developer of two very successful projects in Development Program I – Aviara Apartments, in Euless, Texas and Mira Vista at La Cantera, in San Antonio, Texas.

About The Tuckerman Group

The Tuckerman Group is a member of SSgA’s Global Alliance. It has three principal units: Tuckerman Investors, offering commingled funds and separate accounts to institutional investors on a co-investment basis; Tuckerman Securities, managing funds which invest in Real Estate Investment Trusts (REITs) for defined benefit and defined contribution plans as well as individual investors; and Tuckerman Ventures, which co-sponsors specialized real estate programs.

The Tuckerman Group currently manages over $450 million in real estate assets. The Tuckerman Group has its headquarters in Purchase, N.Y. with additional offices in Boston, Chicago and San Francisco.

About SSgA

SSgA, the investment management group of State Street Corporation, uses quantitative and traditional techniques to manage $720 billion in investment programs and portfolios for institutional and individual investors. In addition to Boston, SSgA has full investment operations in Hong Kong, Tokyo, London, Paris, Montreal, Munich, Singapore and Sydney. It also has offices in Brussels, Dubai, Seoul, Moscow, Prague, Santiago, Toronto, Vienna, Zurich and Montpellier, France. In the United States, it has offices in Atlanta, Ga.; Chicago, Ill.; Clearwater, Fla.; Greenwich, Conn.; Hartford, Conn.; Jacksonville, Fla.; Manchester, N.H.; Minneapolis, Minn.; Naples, Fla.; Osterville, Ma.; Purchase, N.Y.; and San Francisco, Calif. For more information, visit SSgA’s website at www.ssga.com.

About State Street Corporation

With $6.2trillion in assets under custody and $720 billion under management, State Street Corporation is one of the world’s leading specialists in serving institutional investors. Offices are located in the United States, Canada, Chile, Cayman Islands, Netherlands Antilles, Ireland, United Kingdom, Netherlands, France, Belgium, Luxembourg, Switzerland, Germany, Czech Republic, Austria, United Arab Emirates, Russia, People’s Republic of China, Taiwan, South Korea, Japan, Singapore, Australia, and New Zealand. State Street Corporation’s common stock is traded on the New York Stock Exchange under the symbol STT. For more information, visit State Street’s web site at www.statestreet.com.

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