BUILDING AND LAND TECHNOLOGY BUYS HEWITT HEADQUARTERS FOR $65,000,000

Norwalk, CT - (April 22, 2002) - Norwalk-based Building and Land Technology has just announced the purchase of Hewitt Associates' regional headquarters, one of Fairfield County's highest profile corporate buildings. Located at the intersection of the Merritt Parkway and Route 7, this 8-story, 250,000 square foot building was completed in 2001. Building and Land Technology acquired the property through a sale bondable leaseback with a 15-year term.

This acquisition is the final piece in the Merritt River Campus that Building and Land Technology, an office and residential real estate development firm, has been working on for the past three years. Other components in the sprawling, 1,450,000 square foot commercial/ residential complex include: the award-winning Merritt on the River, a 250,000 square foot historic rehab of the former Caldor Headquarters Building; Merritt River Residential, a 300,000 square foot tower consisting of 227 luxury rental units and an array of amenities including a concierge, fitness center and swimming pool; and the Towers at Merritt River, two proposed signature buildings flanking the Hewitt building and totaling 650,000 square feet of Class A+ office space.

The Merritt River Campus is adjacent to the Merritt 7 corporate complex, which offers 1.5 million square feet of Class A office space spread throughout five buildings. Recognized as one of the premiere corporate office parks in Fairfield County, Merritt 7 is host to many Fortune 500 companies.

Building and Land Technology, President, Carl R. Kuehner, III said the purchase of Hewitt Associates corporate headquarters dovetails well with his company's long held mission. According to Kuehner, "we look to acquire and/or build in high profile areas that offer ease of access and a full range of amenities. Retaining a high quality tenant like Hewitt Associates just makes this transaction all the more attractive."

Hewitt Associates LLC is a global outsourcing and consulting firm that has 60 years of experience in delivering a complete range of human capital management services to companies. Hewitt has recently filed an S-1 in anticipation of going public.

A second-generation real estate development company, Building and Land Technology owns and operates a $500 million portfolio of multi-family and office properties throughout the U.S. In addition to the above holdings, Building and Land Technology's newest developments include Kensington Woods (120 luxury townhomes) in Danbury and Buckingham in Avon (a community of 200 single family homes).

For additional information, please contact Christine Georgopulo, Leasing Director, at Building and Land Technology, 203-846-1900x14 or email chris@bltoffice.com.