Stonewater Closes on a $10.55 Million Office Building in Chicago, IL; 100% Leased to Verizon Wireless

Stonewater Partners announced today that it has closed on the purchase of the Verizon Wireless Building, a 127,280 square foot Class-A office building in Chicago, IL for $10,550,000.

White Plains, NY -- December 21, 2004 -- Stonewater Partners announced today that it has closed on the purchase of the Verizon Wireless Building, a 127,280 square foot Class-A office building in Chicago, IL for $10,550,000.

The building is 100% leased to Verizon Wireless through 2007. Commenting on the transaction, Jeffrey Toporek, a Stonewater principal, stated "the short-term nature of the lease provides Stonewater the opportunity to purchase the asset at a significant discount to replacement cost."

David Stade, also a Stonewater principal, added the transaction provides further credit diversification to Stonewaters portfolio with A+ rated Verizon Wireless. The acquisition is the firms second in Illinois and marks $110 million of acquisitions for Stonewaters inaugural year."

Wells Fargo Bank NA provided floating rate acquisition financing of $6.05 million.

For further information:
Jeffrey Toporek
Tel: (914) 285-3700

David Stade
Tel: (310) 209-0500

www.stonewaterinc.com

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