News RELEASE

KBS Sells 50 Broadway on Behalf of Best Property Fund

Newport Beach, CA, May 31, 2003: Koll Bren Schreiber Realty Advisors recently announced the sale of 50 Broadway, a well-located, 336,702 SF asset in the heart of Manhattan’s downtown financial district. This asset was one of the largest acquisitions KBS made for Best Property Fund, a $386 million opportunity fund. The Fund was established in December 1998 for a single investor, and customized with a variety of product types including existing Class A office, office development, CMBS, mezzanine loan origination and multi-family assets.

KBS acquired 50 Broadway in November 1999, and sold the asset on March 27, 2002. At the time of acquisition the property was in need of cosmetic improvements and leased at rents significantly below market. KBS immediately implemented a capital improvement program followed by an aggressive leasing campaign that resulted in an increase in the property’s occupancy from 87% at acquisition to a stabilized 94% within a 15-month period. Over this same period, the property experienced a 40% increase in net operating income.

Headquartered in Newport Beach, CA, KBS Realty Advisors is a premier investment management firm specializing in real estate investments on behalf of select private and public pension fund, endowment and foundation partners. Founded in 1992, KBS has invested in excess of $4.5 billion on behalf of its clients. KBS specializes in purchasing and repositioning under-performing real estate and real-estate related assets in the United States.