LUXURY NORWALK APARTMENT BUILDING SELLS FOR $60 MILLION

Norwalk, CT - (January 9, 2004) - It was recently announced that an affiliate of Building and Land Technology has sold Merritt River Apartments, which is located on Main Avenue at the intersection of the Merritt Parkway and Route 7, to Merritt River Apartments LLC. Completed in 2002, and 85% leased, the 8-story building contains 227, one, two and three-bedroom apartments that offer an admirable location and feature 9-foot ceilings, private balconies (the upper floors have Long Island Sound views), premium appliances, high-speed internet access, a marble entrance foyer and full concierge services. On-site amenities include a complete fitness center with health club, swimming pool and riverfront walking trail; a business center; a club room; a landscaped plaza; plus an adjacent Metro North train station.

Merritt River Apartments is the housing component in the Merritt River Campus that Building and Land Technology, a Norwalk-based office and residential real estate development firm, has been working on for the past few years. Other elements in the sprawling, 1,450,000 square foot commercial/residential complex include: the award-winning Merritt on the River, a 240,000 square foot historic rehab of the former Caldor Headquarters Building; the Hewitt Building, a 250,000 square foot, 8-story, fully leased structure that Building and Land Technology purchased from Hewitt Associates; and The Towers at Merritt River, two signature buildings that will soon flank the Hewitt Building and total 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 six 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 and CEO, Carl R. Kuehner, III said that the Merritt River Apartments' sale "clearly demonstrates the value that has been created by the Merritt River Campus development as well as the overall attractiveness of Greater Norwalk to the investment community". Victor Nolletti of Marcus & Millichap, the listing broker for the transaction, stated that his firm was "proud to represent Building and Land Technology in such a record-breaking transfer at $264,000 per unit".

A second-generation real estate development company, Building and Land Technology has completed ventures worth more than $1 billion as developers, builders and historic redevelopers. Their numerous office parks, apartment complexes, single family subdivisions, common interest communities and adaptive reuse projects are located throughout Fairfield County and on the West Coast. Current developments in Connecticut include The Towers at Merritt River in Norwalk (two Class A+ office buildings totaling 650,000 square feet), Buckingham in Avon (a community of 200 single-family homes) and Arlington Woods in Danbury (100 luxury townhomes).

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