Miller & Smith and SEKISUI HOUSE Announce New One Loudoun Joint Venture--Development to Begin Spring 2011

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Miller & Smith, which is among the D.C. region's largest privately held builders and developers, and Japan's SEKISUI HOUSE, LTD., announced today an exciting new joint venture that will significantly strengthen the One Loudoun project, future home to the World Trade Center Dulles Airport. A Miller & Smith affiliate was a partner in the entity that originally conceived and provided consistent stewardship of the One Loudoun project through one of the worst economic downturns in generations. This new joint venture with SEKISUI HOUSE will bring the vision for One Loudoun to life, enabling project development to commence in the spring of 2011, starting with the planned Town Center and South Village residential areas.

Miller & Smith, which is among the D.C. region's largest privately held builders and developers, and Japan's SEKISUI HOUSE, LTD., announced today an exciting new joint venture that will significantly strengthen the One Loudoun project, future home to the World Trade Center Dulles Airport. A Miller & Smith affiliate was a partner in the entity that originally conceived and provided consistent stewardship of the One Loudoun project through one of the worst economic downturns in generations. This new joint venture with SEKISUI HOUSE will bring the vision for One Loudoun to life, enabling project development to commence in the spring of 2011, starting with the planned Town Center and South Village residential areas.

Miller & Smith is the third largest private homebuilder in the Washington Metropolitan region. Founded in 1964, Miller & Smith has earned a reputation for creating homes and communities that stand out for their inventiveness and imagination and has received numerous industry and consumer awards over the years.

"Miller & Smith has previously never formed a joint venture with another developer who shares the similar philosophy to provide sustainable communities and housing in our 47-year history," said Alvin Hall, CEO of Miller & Smith. "However, we quickly realized that SEKISUI HOUSE's commitment to superior community and home design as well as its financial strength is completely in sync with our philosophy. It was clear that they were the right organization to partner with on One Loudoun and we anticipate that this partnership can expand to more properties in the Washington D.C. market as opportunities arise."

Established in 1960, SEKISUI HOUSE is the world's leading homebuilder and Japan's largest homebuilder with more than two million homes built to date as well as a diversified developer which has completed many large, mixed-use, urban projects. The company is known for providing total quality control from production to construction. SEKISUI HOUSE has developed many advanced and environmentally conscious/sustainable communities throughout Japan.

One Loudoun is the company's first U.S. investment. Newly formed affiliates of SEKISUI HOUSE and Miller & Smith acquired the note securing the project a few months ago and they announced a Joint Venture in One Loudoun upon the completion of procedures to obtain a title on the property.

"When looking for our first investment in the United States, One Loudoun was the ideal choice," said Isami Wada, Chairman and CEO, SEKISUI HOUSE. He continued, "We were particularly attracted to the innovative community design and smart growth features, which we look forward to complementing, drawing from our extensive experience creating communities. Although the U.S. real estate market outlook is still unclear, we believe that the Washington D.C. market has many more positive traits than other U.S. housing markets. If SEKISUI HOUSE and Miller & Smith can identify other attractive residential development opportunities in the Washington D.C. market, we will seriously consider expanding our business operations here."

SEKISUI HOUSE has been actively expanding its international operations and has recently announced that they have formed a JV with another U.S. residential developer and have acquired a project in Houston, TX. SEKISUI HOUSE has established NORTH AMERICA SEKISUI HOUSE, LLC (NASH) as an entity to control and manage their U.S. operations including JV for One Loudoun development.

Of particular benefit to the One Loudoun project will be SEKISUI HOUSE's cutting edge focus on the environment. Known as the company's Green First Strategy, SEKISUI HOUSE employs green culture, green-conscious design and construction methods, and green environmental
technologies that demonstrate a sustained commitment to innovation and implementation of eco-friendly homes and communities.

"We are extremely proud of our commitment to the environment through all we do, for which SEKISUI HOUSE has been recognized with numerous awards and commendations," said Mr. Wada. "We look forward to bringing this approach to the United States and Loudoun County, VA., in the One Loudoun project."

Approved in January 2007, One Loudoun is located at the southwest corner of Route 7 and the Loudoun County Parkway. It will offer three million square feet of office space, and up to 700,000 square feet of upscale retail that will include fine dining and shopping, integrated with a luxury hotel and movie theater. One Loudoun will also include a complementary residential neighborhood with up to 937 market rate homes, built around a central park setting, walking trails, a town center and other public and civic spaces. One Loudoun will also be home to the World Trade Center Dulles Airport, which is projected to generate up to 14,000 new jobs and serve as a powerful economic development engine by promoting both international trade and domestic investment around the world.

In collaboration with NASH, the new Miller & Smith entity will continue to manage the overall development of One Loudoun. NASH will also be involved with some of the residential components of the project.

Despite challenging economic times, One Loudoun has already contributed $30 million in infrastructure development to the benefit of Loudoun County, including completion of Russell Branch Parkway through the project area, years ahead of proffer requirements. In addition, One Loudoun dedicated the site for Steuart Weller Elementary School, which opened in the fall of 2008, dedicated five acres for the Route 7/Loudoun County Parkway interchange, and has designed the interchange at Route 7 and Ashburn Village Boulevard.

For more information about One Loudoun, go to http://www.oneloudoun.com/. Additional information about Miller & Smith can be found at http://www.millerandsmith.com/ and SEKISUI HOUSE at http://www.sekisuihouse.co.jp/english/.

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Kim Ambrose
Miller & Smith
703-821-2500 ext. 145
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