BNY Mellon Investment Manager and Griffin Complete Business Plan for Property

PLYMOUTH MEETING, PA, May 4, 2010 — A real estate partnership owned by an Urdang investment fund and Griffin Partners has sold two office buildings totaling approximately 325,000 square feet in San Antonio, TX, to Segundo Navarro Office, LLC. Urdang is the real estate investment specialist for BNY Mellon Asset Management. Terms of the transaction were not disclosed.

"We sold the two buildings after attaining the objectives of our business plan for this property," said David Spoont, senior vice president, finance and dispositions, for Urdang Capital Management, Inc. "We improved the property and then put it on the market late last year when we saw increasing demand for high-quality office space."

The Urdang investment fund, Urdang Value-Added Fund, LP, is a private real estate fund managed by Urdang Capital Management.

The property, located near the San Antonio airport and interstate highways, was acquired by the real estate partnership on December 12, 2003. At the time of the acquisition, only one building, the 194,399-square-foot Union Square I, was on the site. After acquiring the building, the Urdang investment fund and Griffin completed improvements, including the installation of a new heating and air conditioning system. They also constructed the 131,186-square-foot Union Square II on the property.

"We focused on improving the maintenance and operations of the property," said Edward Griffin, president of Griffin Partners. "Our proactive marketing efforts and strong tenant relations enabled us to retain a strong base of tenants and expand on it. The construction of the second building was well timed to capitalize on improving market conditions."

At the time of the sale, the combined occupancy rate for the two buildings was nearly 95 percent and included major insurance companies, law firms and an energy company. Spoont and Edward Griffin negotiated the sale. Todd Mills of CBRE in San Antonio was the broker representing the sellers.

Founded in 1987 with an exclusive focus on institutional investment grade real estate, URDANG offers a variety of strategies and products, managing approximately $1.7 billion in public real estate securities through Urdang Securities Management, Inc. and approximately $1.6 billion in debt and private equity real estate investments through Urdang Capital Management, Inc. for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors. URDANG's research-driven process combines top down economic analysis and market/country selection with bottom up underwriting of properties, companies and management teams to seek high, risk-adjusted returns. It is one of the investment boutiques of BNY Mellon Asset Management.

BNY Mellon Asset Management is the umbrella organization for BNY Mellon's affiliated investment management firms and global distribution companies.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at www.bnymellon.com.

All information source BNY Mellon Asset Management as at March 31, 2010. This press release is qualified for issuance in the US only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Asset Management to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance.
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