Crosland Announces Raleigh Expansion

RALEIGH, N.C. July 21, 2003 – Crosland, one of the Southeast’s leading, diversified, privately held real estate companies, is taking additional space in Raleigh’s 4000 Westchase Boulevard building to accommodate new hires and growth. The new space adds more than 1,800 square feet for the developer, bringing the total square footage for the Raleigh office suite to 4,242.

“Crosland has been doing business in the Triangle for 14 years, and has invested more than $65M in completed assets and has $140M currently in development. The office expansion is indicative of our ongoing commitment to high quality development in the Triangle community,” commented Todd Mansfield, president and CEO of Crosland.

The company has some of the highest-profile property in the Triangle under development. Crosland’s portfolio contains Poyner Place near Triangle Town Center (retail), Southpoint Village at The Streets of Southpoint in Durham (multi-family), and the Wade Avenue and Oberlin Road mixed-use development inside the beltway.

Crosland’s Raleigh principals include:

• David Ravin, vice president/Multi-family Division
• Grady Matthews, vice president/Retail Division
• Jim Anderson, vice president/Land Division
• Dean Edwards, development manager and vice president/Affordable Housing

Crosland currently employs 32 people in the area, and anticipates hiring several additional employees by year-end.