The Beal Companies Sells Office Property in Waltham.

BOSTON -- The Beal Companies today announced the sale of the Waltham Corporate Center, a three building complex located at 10, 40 and 52 Second Avenue Waltham, to a joint venture comprised of the Beal Companies and American Realty Advisors. The price was not disclosed.

"We are pleased that American Realty Advisors based in Glendale, California, recognizes the long-term value created by the tenancy, quality, and location of the Waltham Corporate Center," said Bruce A. Beal, Chairman of The Beal Companies.

The Beal Companies will continue to be involved in the ownership, management and leasing of the Waltham Corporate Center.

The Beal Companies has been involved in $1 billion worth of real estate transactions during the last 12 months.

The 292,824-square-foot office and medical complex is located adjacent to Route 128. Its largest existing tenants are KeySpan Energy Delivery and Massachusetts General Hospital, both of which have long-term leases. The Complex is on three acres of land and has structured parking for approximately 1,000 cars.

"We are delighted to enter into our first venture with The Beal Companies," said Stanley L. Iezman, President & CEO of American Realty Advisors. "This investment is representative of our philosophy of acquiring the best properties in the premier submarkets in major MSAs and partnering with top-tier local operators."

The Beal Companies constructed 40 Second Avenue in 1995, and in 2000 completed 52 Second Avenue, a 203,891-square-foot addition to the property. In spring, 2000, Rockwood Capital Partners became a partner in the Waltham Corporate Center. Currently, Beal and Rockwood are partners in One Kendall Square in Cambridge. Acquired in 2006, this is a multi-building complex of 660,000 square feet of life science, office and retail space.

Walter Schmidt, Senior Managing Director, Rockwood Capital Partners, said, "The sale of the Waltham complex and the continued relationship with The Beal Companies as manager will ensure the continued success of this property."

Jones Lang LaSalle Real Estate served as broker for the sale of the Waltham complex.

About The Beal Companies:

The Beal Companies is a closely held firm actively pursuing investment opportunities in all segments of the real estate industry. Since 1888, the Beal family has built a full service Real Estate firm with an enviable reputation. The Beal Companies' projects and advisory services have been focused not only in Boston but also throughout the United States. Activities include the Acquisition and Development of Commercial, Historic and Residential Properties, Asset Management Brokerage and Consulting. For more information on The Beal Companies, visit www.bealco.com.

About American Realty Advisors:

American Realty Advisors, a California corporation, is an SEC-registered investment advisor under the Investment Advisers Act of 1940 and a leading provider of real estate investment management services to institutional investors. With more than $4.1 billion(1) in assets under management, American has provided innovative real estate solutions to institutional investors for over 18 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, and retail properties nationwide. Information regarding American can be found online at www.americanreal.com.

((1)) As of December 31, 2006, assets under management represent gross value of all assets and accounts managed by American (excluding partners' share of equity and partners' share of debt on partnership investments) plus approximately $762 million in commitments not drawn.