STT State Street Corporation

The Tuckerman Group, a real estate investment management and advisory firm and a member of State Street Global Alliance, LLC, announced today that one of its European-based institutional clients has acquired Chambray Apartments and Meritage Apartments, two adjacent developments in Rancho Cucamonga, Calif., for $149,200,000. Chambray Apartments, which consists of 270 garden-style apartments, and Meritage Apartments, which consists of 319 units, were developed and sold by a joint venture between Fairfield Residential and a public pension fund advised by Heitman. The two projects were completed in 2006. "As a firm that continually strives to identify the most optimal real estate investment options, we're pleased to have provided this client with these two irreplaceable properties for their portfolio," said Chip Lauckhardt, chairman and chief executive officer of The Tuckerman Group. "We seek out areas of the market which contain characteristics that are the most promising in terms of potential investment return for our clients." Rancho Cucamonga is an affluent submarket of Southern California's Inland Empire, with an average 2005 annual household income of $82,000, according to Claritas Inc. The Inland Empire is one of the strongest apartment markets in the U.S., with reported occupancy of 96.2 percent as of June 30, 2006, according to M/PF YieldStar. Chambray and Meritage are located across from Victoria Gardens, a 1.25 million square-foot, open-air lifestyle shopping center that has become the hub of Rancho Cucamonga's 160-acre town center. "These apartment communities are part of a large collection of real estate projects throughout the U.S. that we've sought out with the aim of generating the greatest possible investment returns," said Glen Weisberg, senior managing director of The Tuckerman Group. 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 a member 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 Stichting Pensioenfonds ABP (ABP), the world's second largest pension fund. The Tuckerman Group has two principal units: Tuckerman Investors, which offers value-added investment programs to institutional investors on a co-investment basis, and Tuckerman Securities, which manages funds that invest in real estate securities on both an active fundamental and passive basis. The Tuckerman Group has assets under management of $5.7 billion in real estate and real estate securities, as of June 30, 2006. Its headquarters are in Purchase, NY, with additional offices in Boston and Chicago. 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 arm of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.5 trillion in assets under management as of June 30, 2006, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, and offices in 25 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com.