News Release

United Properties Developing 70,000 Square Foot Build-To-Suit Project For Le Cordon Bleu Culinary Program at Brown College

MINNEAPOLIS (Dec. 22, 2004) — United Properties is nearing completion on construction of a 70,000 square foot build-to-suit project that will be the new home of the Le Cordon Bleu culinary program at Brown College. The industry-current facility will be located in Mendota Heights between Highway 13 and Interstate 35E, near Brown College’s main campus, and is expected to be complete in February 2005.

United Properties will manage development and construction of the project, and will own the building and provide property management services upon completion. Brown College will carry a long-term lease on the building and will fully occupy it. The one-story building will include culinary teaching facilities ranging from a bakery and butcher shop to several instructional kitchens, classrooms and administration offices for the Le Cordon Bleu culinary program. The facility will also include a restaurant where culinary students can gain real-world experience cooking for the public.

Brown College began an extensive search for new space for the Le Cordon Bleu culinary program in 2003 as the program began to outgrow its current 18,000 square foot space housed in a wing of Brown College’s campus in Mendota Heights.

The new building not only meets the school’s stringent requirements for space and parking, it is also located less than a half-mile from the program’s current location on the Brown College campus. The new facility will offer eight parking spaces per 1,000 square feet –– much more than most communities’ requirements and zoning ordinances, but essential for accommodating Le Cordon Bleu’s growing student population.

“With our high density, we don’t fit well in multi-tenant buildings,” said Patrick Hagan, real estate project manager, Career Education Corporation. “United Properties presented the perfect solution with this build-to-suit property so close to our existing campus.”

“We’re pleased to have Brown College as a client on the development of this highly specialized facility,” said Dale Glowa, senior vice president, United Properties Development. “The new facility will provide a custom solution for the program’s unique space and parking requirements. We look forward to a long relationship with the college.”

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. United Properties is located on the Web at www.uproperties.com.

About Le Cordon Bleu Culinary Program at Brown College
Le Cordon Bleu Culinary Program at Brown College is located in Mendota Heights, a suburb of Minneapolis/St. Paul. Brown College has provided quality education to students for more than 50 years and is the first school in the U.S. to partner with the acclaimed Le Cordon Bleu program. The program offers a progressive, comprehensive culinary education taught in a modern facility.

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