STT State Street Corporation

The Tuckerman Group, a real estate investment management and advisory firm and member of State Street Global Alliance, LLC, announced today the closing of an equity investment of $9.9 million in Broadstone at Montecito, a 336-bedroom luxury apartment development in Las Vegas, Nevada. Alliance Residential, a real estate developer based in Phoenix, Arizona, serves as the partner for the apartment community, and Richter-Schroeder Company, Inc., a wholly-owned subsidiary of Marshall & Ilsley Corporation, serves as the construction lender. The project is scheduled for completion in December 2006. Broadstone at Montecito represents the third transaction completed by the Tuckerman Group's Residential Income and Value Added Fund (RIVA), which invests in development and value-added projects in the multi-housing sector. RIVA raised in excess of $150 million from 25 participants, which include pension funds, foundations, endowments, and high net worth individuals. "We sought out Broadstone at Montecito, the latest in a series of investments for our RIVA fund, as a venture that demonstrated potential for optimal returns for our clients," said Chip Lauckhardt, chairman and chief executive officer of The Tuckerman Group. "Our team of real estate professionals is constantly in pursuit of private and public real estate strategies that exhibit the possibility for the greatest return on investment." In January 2005, the Tuckerman Group made an equity investment of $3.6 million from RIVA into The Flats, a 281-bedroom student apartment project in Atlanta, Georgia, which is scheduled for completion in July 2006. The Tuckerman Group manages private real estate investments and public real estate securities portfolios, and provides advisory services to institutional and individual investors. The company's direct real-estate investment capability has a strategic focus on value-added strategies. About The Tuckerman Group The Tuckerman Group is part of State Street Global Alliance, LLC, a jointly-owned subsidiary of State Street Global Advisors the investment management arm of State Street Corporation, and the Dutch pension fund ABP, the world's second largest pension fund. The Tuckerman Group has two principal units: Tuckerman Investors, offering value-added investment programs to institutional investors on a co-investment basis, and Tuckerman Securities, managing funds which invest in real estate securities on both an active fundamental and passive basis. The Tuckerman Group currently manages over $3.6 billion in real estate assets. The Tuckerman Group has its headquarters in Purchase, New York with additional offices in Boston and Chicago. For more information, visit www.thetuckermangroup.com. About State Street Global Alliance LLC State Street Global Alliance, LLC, founded in 2001, is the strategic venturing partnership jointly owned by State Street Global Advisors and one of the world's largest pension funds, Stichting Pensioenfonds ABP (ABP). State Street Global Alliance seeks to develop partnerships with innovative asset managers worldwide to develop investment excellence and innovation with growth rates in excess of industry averages. State Street Global Alliance currently consists of six majority owned companies and two minority investments. For more information, visit www.ssgaglobalalliance.com. About State Street Global Advisors State Street Global Advisors, the investment management group of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.4 trillion in investment programs and portfolios as of March 31, 2005, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, and offices in 28 cities worldwide.