Concert Acquires Office Building in Richmond

August 21, 2007

Concert acquires Pacific Business Centre in prime location in downtown Richmond, BC.

Vancouver, BC, Canada – Concert is pleased to announce that the company has acquired its first office asset in Richmond’s city centre - Pacific Business Centre. Located at 5811 Cooney Road, the property is in a prime location in downtown Richmond, within close proximity to Richmond’s major shopping centres and office nodes.

Comprised of a four-storey South Tower, a six-storey North Tower joined by an atrium, the building sits on a 1.35-acre site and offers 99,360 square feet of leasable office space.

“The lack of supply and high cost of leasing quality office space in Vancouver is propelling tenants to look outside these markets to easily accessible suburban areas,” said Alan Whitchelo, Senior Vice-President, Industrial and Commercial, Concert Properties. “The Richmond real estate market will see many positive impacts in the coming years. Increased residential density, the Vancouver 2010 Olympic Speed Skating Oval, the Vancouver 2010 Integrated Security Unit and the completion of the Canada Line - all these will have significant positive impacts on the Richmond real estate market.”

Location Attributes

Bounded to the north by Ackroyd Road and to the east by Cooney Road
Close proximity to Richmond’s major commercial centres
Within walking distance to two future Canada Line stations (Lansdowne and Brighouse)
Within two blocks of Landsdowne Shopping Centre, Kwantlen University College and Richmond Centre
This latest acquisition in Richmond will bring Concert’s income-producing portfolio in British Columbia, Alberta and Ontario to more than 5.5 million square feet, continuing the company’s strategy of expanding and geographically diversifying its portfolio.

About Concert Properties

Concert is an award-winning diversified real estate enterprise involved in developing and acquiring commercial and industrial properties, rental housing, multi-family condominium housing, seniors living communities, and resort developments in British Columbia, Alberta and Ontario.

For media inquiries contact:
Heather Harley
Telephone: 604.602.3713

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