Madison Marquette Retained To Manage and Lease Two TIAA-CREF Properties

PRINCETON, NJ (July 25, 2007) – Madison Marquette announced today that TIAA-CREF has retained the company to manage and lease MarketFair, a 240,000 square foot lifestyle center in West Windsor, New Jersey and Plainsboro Plaza, a 207,000 square foot open-air center in nearby Plainsboro, New Jersey.  Madison Marquette was a previous owner of MarketFair.

“We are very pleased to be engaged by TIAA-CREF for these projects,” said Greg Bergan, Executive Vice President of Operations of Madison Marquette.  “Both MarketFair and Plainsboro Plaza have tremendous untapped potential.”

MarketFair was originally built in 1986 and is widely recognized as an early iteration of the modern lifestyle center.  Many of the storefronts face both the interior and exterior of the single-story structure.  The merchandising includes many traditional lifestyle tenants such as Pottery Barn, Williams Sonoma, Anthropologie, Smith & Hawken and Barnes & Noble.

“While MarketFair remains a strong retail destination, we believe there is significant opportunity to strengthen its position in the market through a strategic remerchandising program,” said John-david Franklin, Vice President of Leasing of Madison Marquette.  Under Madison Marquette’s ownership, P.F. Chang’s opened on a new pad site and Huserad Furniture and Acorn were added.  Future leasing efforts will focus on enhancing the merchandising mix by potentially adding additional fashion or other types of retailers.  

Plainsboro Plaza is well-situated in Plainsboro, an increasingly affluent and growing community near Princeton, New Jersey.  It is currently anchored by a Superfresh and includes other retailers such as Ace Hardware, Peebles, PNC Bank, New York Sports Club and CVS.

“Plainsboro Plaza’s retail offerings are no longer meeting the needs of the Plainsboro community,” said Mr. Franklin.  “We are planning a significant remerchandising program that will greatly enhance the center’s appeal to the many nearby residents and office workers.”

“We chose Madison Marquette for this assignment because of their substantial local market knowledge and expertise in creating value through remerchandising and redevelopment,” said Mark Wood, Managing Director, Real Estate Asset Management, TIAA-CREF.  “We look forward to working with Madison Marquette to maximize the value of our investment in both of these high-quality properties, which we are confident will add long-term value to our clients.”

About TIAA-CREF
TIAA-CREF is a national financial services organization with more than $414 billion in combined assets under management (3/31/07) and the leading provider of retirement services in the academic, research, medical and cultural fields. Learn more About TIAA-CREF <http://www.tiaa-cref.org/about/index.html> .
 
TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members NASD, distribute securities products.
 
About Madison Marquette
Madison Marquette is a Washington, D.C.-based investor, developer and operator of retail and retail mixed-use real estate throughout the United States.  The company specializes in creating unique retail destinations that respond best to consumer preferences.  With regional offices in New York, Philadelphia, San Francisco, Los Angeles, Minneapolis, Seattle, San Diego and Ft. Lauderdale, Madison Marquette seeks investment opportunities in growing markets.  The company maintains a sophisticated in-house operating capability and oversees 23 million square feet of retail real estate.  This diverse national portfolio includes many properties that Madison Marquette manages and leases on behalf of third-party owners.  For more information about Madison Marquette, please visit www.madisonmarquette.com.