BNY Mellon Investment Manager & Moore & Associates re-position 500,000 square foot office complex from Class B to Class A through $12 million building upgrade program

PLYMOUTH MEETING, Pa., July 10, 2012 — URDANG, BNY Mellon's real estate investment manager, and its joint venture partner Moore & Associates, today announced they have completed the sale of Station Square, a three building 500,000 square foot office complex in Silver Spring, MD.

URDANG and Moore & Associates acquired Station Square, which is located in a highly desirable transit oriented infill location, from a motivated institutional seller near the market bottom in December 2009 and announced plans to reposition the office complex to Class A quality through a substantial renovation program. The renovation plan included upgraded lobbies, elevators, restrooms and exterior finishes.  URDANG made its portion of the acquisition through Urdang Value-Added Fund II, L.P., a private real estate closed-end fund, closed to new investors, managed by Urdang Capital Management Inc. 

The Station Square renovation work by URDANG and Moore & Associates was completed in March 2011 and nine months later the property's occupancy reached 93%. Station Square was listed for sale in January 2012.

"By completing the renovation plan and converting the property to a Class A office complex, we created substantial value," said David Rabin, managing director, private real estate at Urdang Capital Management.  "The complex was well positioned when demand increased for well-located, high-quality office investments from core investors."  The sale price is within approximately 7% of the price paid by the prior owner in late 2005.

"Station Square was in need of substantial repositioning, and the timing of our purchase was fortunate," said Stephen P. Durr, Moore & Associates' President.  "We self-performed property management, construction and leasing, which enabled us to complete renovations quickly and restore tenant relationships, and take advantage of a strengthening leasing market."

Terms of the transaction, which closed in July, were not disclosed.

Moore & Associates is an owner-managed, full-service commercial real estate investment, development and management firm serving affiliated and independent clients. With more than 50 employees, the firm has completed nearly $1 billion in capital transactions during the past ten years and currently manages 1.7 million square feet of office properties in the Washington DC region and Austin, Texas.  This period of Station Square ownership is the second for Moore & Associates.  The company developed the Station Square office complex in the mid-1980's and owned, managed and leased the buildings until they were sold in 2005. 

URDANG was founded in 1987 with an exclusive focus on institutional investment grade real estate. URDANG offers a variety of strategies and products, managing approximately $4.2 billion in public real estate securities through Urdang Securities Management, Inc. and approximately $2.8 billion (gross) 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 Investment Management.

BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.3 trillion in assets under management. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $26.6 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.

All information source BNY Mellon Investment Management as of March 31, 2012. 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 Investment 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. A BNY Mellon Company(SM)