Rubin Organization acquires five properties in sale of Woodward & Lothrop assets.

PHILADELPHIA--(BUSINESS WIRE)--June 21, 1995--It was announced today that the board of directors of Woodward & Lothrop Incorporated had authorized the sale of most of the company's assets to a four-member bidding group composed of Federated Department Stores, Inc., Strawbridge & Clothier, The Rubin Organization, and Reading, Pa.-based Boscov's Department Store, Inc. It is anticipated that the purchase agreement will be finalized within days. It is subject to the approval of the Bankruptcy Court.

"We saw an exceptional opportunity to acquire retail properties in outstanding locations, together with an excellent group of partners," said Ronald Rubin, CEO of The Rubin Organization.

The Philadelphia-based Rubin Organization, a full service real estate company, currently manages and leases a portfolio of 27 million square feet, including 15 million square feet in retail, 6 million square feet of office space and 6200 rental, cooperative and condominium residential properties. The company has locations in 15 states and employs 1200 people.

CONTACT: The Rubin Organization

Judith Garfinkle, 215/875-0131