News Release

Tria Development Partners with United Properties to Market First All-Condo Office Building in Downtown Minneapolis

First Avenue Lofts Project Offers Real Estate Ownership Opportunity for Smaller Companies

MINNEAPOLIS (Oct. 14, 2004) — Minneapolis-based Tria Development, LLC, has partnered with United Properties to market First Avenue Lofts, the first all-condo office building in downtown Minneapolis.

Located in the Warehouse District at First Avenue and First Street, the project includes two three-story, side-by-side buildings with a combined 30,000 square feet of available office space. The buildings are currently undergoing a $1 million renovation, which is expected to be complete by April. Lofts will range in size from 1,000 to 6,000 square feet and in price from $250,000 to $1 million. Space reservations are now being accepted with occupancy projected for April 2005.

“There is strong demand for office buildings under 10,000 square feet in today’s real estate market, but these buildings are in short supply and, consequently, tend to have high price tags,” said Jim Montez, senior associate, United Properties Office Brokerage, who is leading the marketing effort on behalf of Tria Development. “A project like this gives small business owners an opportunity to invest in real estate that is exactly the right fit for their long-term needs.”

The First Avenue Lofts buildings were originally built in the 1880s with one housing a steam laundry and the other a tooling manufacturing business. More recently, the buildings were home to an architecture firm.

The buildings are being renovated to maintain the original architectural character, while bringing operating and technology up to current standards, according to Tammy Faiola, one of three Tria Development partners. “The buildings’ interior design and amenities will reflect their history and provide a loft-style office environment — exposed brick walls, concrete floors, large functioning windows,” she said. “The details will be specifically designed to appeal to our target audience.”

First Avenue Lofts are expected to attract buyers who own established companies. “The lofts will be ideal for professional services firms and creative shops ranging from advertising, design and marketing firms to law, accounting and architecture firms,” Montez said. “We expect to attract some firms that are already renting in the Warehouse District, as well as growing firms looking to make solid real estate investments.”

About United Properties
United Properties is a full-service commercial real estate company with more than 400 employees and 26.5 million square feet of office, industrial, retail and multi-family properties under management. The company specializes in diverse real estate services, including brokerage, property management, corporate real estate services, facility services, construction management, development services and investment services.

Based in the Twin Cities, United Properties serves other markets through its affiliations with ONCOR International, an organization of commercial real estate companies serving more than 200 markets throughout the world, and ChainLinks Professional Resource Network, the largest retail-only full-service real estate provider in North America.

Media Contacts
Martha Nevanen
Vice President, Marketing Communications
952-893-7539
mnevanen@uproperties.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jfolkens@uproperties.com