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July 20, 2005 For More Information:
Joy Lutes 877.846.7760
Department of the Navy and Lincoln/Clark Celebrate Grand Opening of New Housing at Gateway Village
Lincoln/Clark Builds on Commitment to Renew America's Military Strength

Department of the Navy and Lincoln/Clark Celebrate Grand Opening of New Housing at Gateway Village
SAN DIEGO — Thanks to an innovative public-private venture (PPV) between the Department of the Navy and Lincoln/Clark, Commander Navy Region Southwest is celebrating the grand opening of much needed new homes for military families at Gateway Village. This project has leveraged the creativity and investment capacity of the private sector to provide critical housing for its military families and reinforces Lincoln/Clark's strong track record of performance in both the public and private sectors.

"We are extremely pleased with the communities being constructed via this partnership - these state-of-the-art homes are the premier military family housing in the nation," said Tony Megliola, Naval Facilities Engineering Command Southwest PPV Team Leader.

Military families have already begun moving into the custom-designed new homes at a rate of approximately 30 homes per month. The project is ahead of schedule and on budget for Navy Region Southwest's Phase II development plan, which included the demolition of the previous 545-unit Gateway Village military housing area in Loma Portal and subsequent replacement with 460 townhomes. The 50-year PPV with Lincoln/Clark also calls for renovating 992 homes in the Murphy Canyon area in Tierrasanta and 76 residences in the Admiral Hartman area of Pacific Beach, and the property management of over 6,000 homes at Navy Region Southwest.

Lincoln/Clark is a joint venture between companies Clark Realty and Lincoln Property Company. Clark, the largest privately held general building contractor in the country and one of the largest national builders of residential housing, is managing the design and construction of more than 2,000 new units. All homes are to be managed by Lincoln Property Company, the nation's third-largest manager of multifamily units.

Architects Torti Gallas and Partners designed the two- and three-story Spanish Colonial townhomes, which have front porches and rear-loaded garages. The homes average over 1,800 square feet each and offer a range of floor plans, including three- and four-bedroom units.

"This community underscores our belief that America's military strength begins at home and demonstrates our commitment to improving the lives of these deserving military families," said Scott Orrantia, Managing Director at Clark Realty.

Community amenities will include open landscaped areas, a swimming pool, community rooms, workout facilities, barbecue/picnic areas, and tot lots. Once the community center is open, Lincoln will work directly and with outside organizations to provide outdoor movie nights, holiday events, barbecues, exercise classes, cooking classes, and after-school programs.

"Ensuring the highest quality of life for our military families translates to military readiness and retention of these fine men and women in service to their country. We are proud to be a part of that," said Sam Merrick, Vice President, Military Affairs of Lincoln Property Company.

This project is the second phase of the Navy Region Southwest's PPV program enabled by the Military Housing Privatization Initiative (MHPI), which Congress approved in 1996. The MHPI allows the military to obtain private-sector capital and expertise to develop, manage, and improve military housing. As a result, the Department of Defense is able to provide its men and women with the best housing the marketplace has to offer with a minimal tax-dollar investment. Gateway Village exemplifies the Navy's successful partnering with the private sector and the greater efficiencies the partnership allows.

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About Clark

The Clark Realty organization is a fully integrated national real estate and construction company offering a broad base of services including development, capital markets, construction, investment management, property management, and real estate strategies. Founded in 1906, the Clark organization has become one of the country's premier real estate companies and the largest privately held general building contractor in the nation. Clark is headquartered in Bethesda, Md., with regional offices strategically located throughout the United States.

The Army, Navy, and Marines are leveraging the ingenuity and assured performance of Clark at 10 military installations throughout the U.S. Upon completion, Clark will have built or renovated nearly 25,000 homes with a development value in excess of $4.2 billion. The Lincoln/Clark partnership already has an agreement with the Navy to build 500 townhomes at the former Naval Training Center, now known as The Village at NTC, and to raze the 812-unit Cabrillo Heights housing area and replace it with 900 homes. The partnership also currently manages an additional 2,660 existing homes, including the Village at NTC, winner of the Multifamily Executive "2002 Project of the Year." The Department of the Navy recently selected Clark Pinnacle to embark in exclusive negotiations to redevelop Naval Station San Diego as part of the first large-scale public-private venture (PPV) to provide housing for single military personnel. Clark also has Navy partnerships at the Presidio of Monterey and Naval Postgraduate School in California and the Marine Corps Base Quantico in Virginia

Clark organization's private-sector work in San Diego includes the $243 million San Diego Padres stadium (PETCO Park), the $110 million Manchester Grand Hyatt in San Diego, and the $103 million San Diego State University subway line and underground station.

About Lincoln Property Company

Established in 1965, Lincoln Property Company is one of the nation's top residential and commercial developers with properties in 200 cities across the country. A full-service real estate firm, Lincoln has developed over 98 million square feet of commercial space and 164,000 multifamily residential units. The company also manages over 100,000 residential units and 150 million square feet of commercial space. By the end of 2005, Lincoln Property Company?s military portfolio will reach 25,000 units.

AIG/Lincoln was established in 1995 as a strategic partnership between AIG Global Real Estate Investment Corporation; New York and Lincoln Property Company; Dallas, to acquire, develop, and manage real estate in the continental Europe with a strong focus on the Eastern & Central European markets. One of the initial ventures, in Berlin-Spandau Germany, was a residential project with approximately 250 apartments. Much of the success of the project was due to the expertise of AIG/Lincoln's shareholder Lincoln Property Company, one of the largest residential real estate developers in the USA. In 2003 the first "built-to-suit" building in Germany was delivered to IBM. AIG/Lincoln currently has projects in Spain, Italy, Germany, the Czech Republic, Poland, Hungary and Russia. AIG/Lincoln Hungary recently announced a 14.5 hectare mixed-use site to be completed in November 2005.