LOCAL EXPERTISE. NATIONAL REACH. WORLD CLASS.

LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES

YOU BEAR THE RESPONSIBILITY FOR ONE OF THE

MOST IMPORTANT ASSETS YOUR BUSINESS MUST

MANAGE, ITS REAL ESTATE. WHETHER CONTEMPLATING

A TRANSACTION OR GETTING A QUESTION ANSWERED,

WOULDN’T YOU RATHER TALK TO A COMPANY OWNER?

And from that notion, a dynamic

business model was born.

Being different defines the success

of Lee & Associates. Bill Lee's vision,

giving real estate brokers principal

ownership opportunity created a

new paradigm proven to foster

camaraderie, reward hard work,

and attract the top real estate pro-

fessionals to its ranks. Fueled by

operational efficiencies, this distinc-

tive organization has a dynamic,

experienced leadership team who

share a common vision for success.

Lee & Associates thrives because it

is a brokerage built on long-term

relationships and the delivery of

personalized client-driven solutions.

Bill Lee's profit-sharing concept has

stood the test of time, making Lee &

Associates one of the largest, and

fastest growing full-service commer-

cial real estate sales organizations in

North America today.

Our future is filled with promise

because the possibilities are limitless.

What if a local division of a national real estate company was managed andrun by its owner?

IT ALL BEGAN WITH A SIMPLE QUESTION

TRADITIONAL REAL ESTATE FIRMS OFFERING TRADITIONAL

SERVICES ARE PART OF THE OLD ECONOMIC ORDER. THAT'S

WHY LEE & ASSOCIATES BROKE WITH TRADITION LONG AGO.

Streamlined Personal ServiceEach Lee office is owned and operatedby the brokers in that office. You partnerwith veteran real estate professionalswho are the decision-makers. You areon the receiving end of transactionshandled with high integrity, loyaltyand consistency.

In-Depth Local Market KnowledgeYour broker and support team knowyour market. We live there. We canfast track your search, supply localinsider's intelligence, and cut through

red tape. You will know the neighbor-hood like it is your own becausespecialized market knowledge andresearch is central to our businesspractice.

Expedient ResultsAll principals have a vested interest inthe swift, successful completion ofclient assignments. At the same time,Lee's associate brokers strive to earnownership standing and work hand-in-hand to achieve exemplary andtimely team results.

Experience CountsLee's unique profit-sharing structureattracts entrepreneurial and experi-enced real estate professionalsknown for their specialized marketknowledge and exceptional trans-action skills. On average, your Leebroker has worked 15 years ormore in the real estate industry.

Lasting Business RelationshipsEvery Lee office is focused on thelong-term, building a community

business and creating broad-basedrelationships. Because of this philoso-phy, Lee and Associates enjoys thelowest broker turnover rate in theindustry.

Strong National PresenceAs one of the largest commercial realestate sales organizations in theUnited States, we maintain affiliationswith industry associations in all majorNorth American markets. Our bro-kers' national affiliations include:Society of Industrial and OfficeRealtors (SIOR), International FacilityManagement Association (IFMA),Counselors of Real Estate (CRE),International Council of ShoppingCenters (ICSC), CoreNet Global,Urban Land Institute (ULI), NationalAssociation of Industrial OfficeProperties (NAIOP) and CertifiedCommercial Investment Member(CCIM).

In 1979, Bill Lee envisioned a broker-owned business where clients' interests wouldbe met with a spirit of peer-to-peer cooperation unbridled by internal competition.This, he felt, would create a model offering great financial rewards and encouraginglong-term relationships benefiting both client and broker. Out of this came our operatingphilosophy known today as The Lee Advantage:

THE LEE ADVANTAGE

“Lee has been there for us time and time again. They understand our needs,

and they bring us the solution. Thanks, Lee!”

– Wells Fargo

REAL ESTATE IS A KNOWLEDGE BUSINESS. FOR THIS

VERY REASON, WE TRACK NUMEROUS INFLUENCES

AFFECTING OUR CLIENTS’ BOTTOM LINE.

IndustrialLee & Associates knows industrial realestate. Large, mid-size and small, wehelp clients transact their way throughthe intricacies of manufacturingplants, bulk warehousing/distributionfacilities, specialized R&D complexes,modern build-to-suit flex space andturn-key, high-tech campuses. Ourindustrial specialists provide skilledguidance running the gamut fromfacility, site and land acquisition/disposition to advisory services, saleand lease negotiations, build-to-suitanalysis and planning.

Do you need expert advice to find,acquire, sell, lease, or manage yourproperty? Consider the difference inour approach. First, we learn aboutyour business requirements, near-term plans and future goals. Thenwe craft solutions suited to yourspecific circumstances and put ourconsummate real estate knowledgeand experience to work for you.

OfficeAt Lee & Associates, we regardstrategic consultation as the mostefficient path to achieving desiredgoals and client satisfaction. Serving

investors, owners, landlords andtenants, we are accomplished inhandling mid- and high-rise properties,business and office parks, mixed-useprojects, single and multi-tenant uses,and new development projects.

We represent landlords and tenants inleasing, sales, and investmenttransactions. Value-added marketing,strategic consultation and financialanalyses of proposed strategies roundout the services we offer. We look foropportunities to simplify transactionswhenever possible and at all times,protect your interests as our client.

RetailThe Lee & Associates Retail Groupbrings depth of knowledge andexperience benefiting owners andtenants alike whether evaluating anew location, prospective tenant, or adevelopment or investment acquisition.

Representing retail owners, our goal isto help you achieve maximumoccupancy and a desirable tenant mix.From strategic planning to propertyrepositioning or developing a cohesivetenant mix, we offer advanced marketintelligence, competitive analyses, anda variety of marketing tools.

Our tenant services are backed byoutstanding market research andinsightful interpretation within thecontext of your business. We provideassignment-specific brokerage andconsultation to support and maximizeyour asset value.

Multi-Family Lee & Associates multi-familyspecialists stay on the leading edge ofshifting regional and national housingtrends and fluctuating capitalmarkets. Whether single propertyinvestment or multi-state portfolio,we help meet investors' asset-specificpreferences and time horizons tomaximize return on equity.

Our expertise runs the gamut fromground-up development to rehab,mixed-use redevelopment, condoconversions, mobile home parks,affordable housing, and tax creditdeals. Moreover, clients often mustreinvest proceeds into suitable taxableor tax-deferred assets immediatelyand we are well-equipped to uncover,evaluate and complete suchtransactions.

EACH REAL ESTATE ASSET IS UNIQUEReal estate assets are like people, complex at first glance, individually unique upon closerinspection. Lee & Associates offer real estate owners, tenants and investors a one-stop, full-service brokerage with highly experienced brokers who deliver local expertise, nationalreach and world class results tailored to each client assignment.

Our network of offices provides in-house research and marketing support, access to preferredvendors and alliances, and keystone capabilities across all asset classes. Thus, our clients canreact promptly to shifting real estate cycles and benefit from below-the-radar opportunities.

In real estate, the issues are many, varied and often complex. Few companies havethe expertise in disciplines as diverse as valuation and construction, supply chainmanagement and tenant relations, advertising and financial relations. Few companiesare prepared to handle them all—and even fewer are equipped to handle them allexpertly and with passion. Lee & Associates is one of those very few.

BROKER AND TRANSACTION MANAGEMENT

It's been said nothing is moreconstant than change. That isespecially true in the commercial realestate industry, where quantumchanges are transforming the waybusiness is done in the 21st century.

We have aggressively assembled ateam of top professionals—brokersfrom various disciplines backed byhighly knowledgeable experts insupply chain and logistics consulting,financial services, and propertymanagement. Our skills can beapplied across the breadth ofindustrial and commercial appli-cations—from manufacturing plantsto high-rise office properties, singleapartment properties to multi-familyhousing portfolios, bulk warehouse/

distribution facilities to mixed-useprojects, retail representation, landdevelopment and more.

All of our brokers stand ready towork with you wherever theirexpertise can be of value.

• Real Estate Acquisition and Disposition

• Strategic Consultation and Negotiation

• Investment Purchase & Sale• Landlord & Tenant Representation

LEE LOGISTICS GROUPAmong our ranks are professionalsaccomplished in finding solutionsfor logistics challenges facingFortune 500 companies and thirdparty suppliers (3PLs). We understand

that supply chain needs for contractwarehousing, transportation or dis-tribution management, and freightconsolidation are critical in sustaininga healthy national economy. Workingclosely as a team, we are able toprovide Lee clients with integratedreal estate and supply chain solu-tions that are available nationwide.

• Building and/or Site Search• Financial Analysis of Alternatives• Sale-Leaseback• Build-to-Suit• Acquisition/Disposition• Fair Market Value Analysis• Optimization/Retrofit/Expansion

of Facilities

PASSION FOR SERVICE

“Lee & Associates understands the kind of service and support our

industry demands. Extremely knowledgeable professionals.”

– Boise Cascade Corporation

CORPORATE SERVICES

Long known for our superb workingrelationships with REITs, financialinstitutions and private owners ofcommercial, industrial and multi-family property, Lee & Associatesstands ready to optimize your realestate holdings by offering proven,proactive solutions.

An elite team of financial and realestate professionals is dedicated to developing real-world answers for you, our clients. The menu ofservices include hands-on propertymanagement, tenant retention pro-grams, construction management,development services, landlordrepresentation, leasing initiatives,innovative marketing efforts, andfinancial services.

These time-tested and results-drivenmethodologies reflect our in-depthknowledge of real estate markets,national, regional and local. As aresult, we are able to react quickly tochanging conditions and emergingtrends.

• Landlord Representation• Property & Facility Management• Construction Management• Development Services

Today's companies are goingthrough a two-way squeeze.You've got to grow business.You've got to control costs. Andcompany-held real estate, becauseit comprises a sizable and growingdrain on cash flow, is in the budg-etary crosshairs like never before.

At Lee & Associates, we offer anarray of integrated services, allgeared to optimize your company'scontrol over its real estate assets,while saving time, talent andmoney. With offices in more than30 major U.S. markets, and stillgrowing, Lee & Associates acts asan extension of your corporate realestate department, providing thekind of expertise critical to the effi-cient management of your holdingsnationwide.

• Landlord Representation• Tenant Representation• Financial Services• Supply Chain & Logistics

Consulting• Property & Facility Management

ASSET SERVICES

“Any company can be assured that their commercial real estate

needs will be handled efficiently and professionally by Lee."

– Gulf Oil Corporations

ADVISORY SERVICES

MANAGEMENT SERVICES

Our management philosophy ispragmatic and simple—we addvalue to our clients' holdings. Andbefore we make a move, we listen,learn, and analyze. We learn yourgoals for each property, and under-stand your short-term and futureneeds. Only then do we designbusiness plans, on-site manage-ment tactics, marketing strategies,comprehensive reporting tools, andcost-control measures expressly foryour project.

Our financial reporting in supportof those plans is equally thorough,backed by financial reporting pack-ages like MRI, Timberline®, ARGUSand CTI.

As our clients, you also benefit froma wealth of timely and accurateinformation we prepare at yourrequest including budgets, incomeand expense analysis, cost-controlrecommendations, rent collectiondata, cash-management strategies,and demographic trend studies.

• Property & Facility Management• Project & Construction

Management• Consulting Services

The financial drivers involved incommercial real estate transactionsare intricate, and the growing list ofgoverning regulations only adds totheir complexity. Lee & Associatesbrokers are highly qualified to helpyou navigate these frequentlyuncertain waters. As professionals, wecan assist you in making informed,intelligent financial decisions.

• Portfolio Optimization• Financial Services• Supply Chain and Logistics

There is certainly no shortage ofcommercial real estate firms thatwant your business. Our strategy ofdifferentiation is simple. We redefineour customers' expectations. And insucceeding, we often gain a clientfor life.

Responsive, client-focused and team-driven. The Lee & Associates businessmodel is a radical departure fromthe past. We don't amass an armyof agents to push product. Rather,we learn what you need, create an action plan, and communicate ina consultative manner among ournational network of localized brokerage teams.

Our foundation expertise comes fromconsistently attracting veteran brokerswho harbor extensive local marketknowledge and a thick book ofprivate contacts, alliances and globalrelationships.

Why is this important to you? Weensure the consistently high caliber ofour real estate professionals byrewarding results with more than justcommissions—top performers earnan invitation to share in the benefits ofcompany ownership. This reflects ourbelief that principals who have a vestedinterest in the success and effective-ness of your real estate holdings andtransactions are more committed toyou, and to meeting your goalsfruitfully.

Starting with a simple idea in 1979,Lee & Associates has quietly expandedits distinctive full-service brokerageconcept from coast-to-coast. We areable to develop customized solutionsacross all property types because ofour extensive market-to-marketknowledge.

So when you talk to a principal, youare talking to an owner, who will notjust meet your expectations, butexceed them—someone with a vested

interest in building a mutually benefi-cial long-term relationship instead ofmerely closing a deal. Understand this,and you've learned a lot about us.

That operating philosophy and theculture it has shaped has helped makeus one of the largest commercial realestate sales organizations in NorthAmerica today.

For more information onLee & Associates, or to locate acommercial real estate expert to work for you, visit: www.lee-associates.com

For all other inquiries, call toll-free: 877-LEE-BRKR

(533-2757)

A VESTED INTERESTIN YOUR REAL ESTATE SUCCESS

ABOUT LEE & ASSOCIATES

The Lee & Associates group ofcompanies is committed to serving as acommercial real estate sector leaderand innovator. Our brokers providecomprehensive, customized and high-quality representation by being respon-sive, client-focused and team-driven. Asa company, we strive to deliver thehighest levels of information, support,professionalism and integrity withevery transaction. Our distinctiveoperating philosophy and the cultureit has shaped makes us the largestcommercial real estate organization inNorth America independently ownedand managed by active real estateprofessionals today.

© 2007 Lee Licensing & Administration, LLC Pub. SM1-070701-00

www.lee-associates.com