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Board of Directors

CHAIRMAN OF THE BOARD

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Charles L. Davidson, III
Chairman/CEO
The Brookdale Group, LLC

Chip Davidson is Chairman, Chief Executive Officer and co-founder of The Brookdale Group, LLC, an Atlanta-based commercial real estate investment company. The Brookdale Group, in conjunction with its operating affiliate Brookdale Realty Services, LLC, provides a full range of real estate investment services exclusively to the Brookdale-sponsored investment funds. Since its formation, Brookdale has invested in the acquisition or development of 50 office buildings located in 25 submarkets across the Mid-Atlantic, Southeast and Southwest regions of the United States. Prior to the formation of The Brookdale Group in 1994, Mr. Davidson spent 16 years with Houston-based real estate company Hines, where he was the Executive Vice President/Regional Partner responsible for oversight of all investment, development, property management, leasing and asset management activities in Hines' Southeast Region.

Mr. Davidson is presently a member of the board of directors of the National Association of Real Estate Investment Managers and is active in several other industry organizations including the Urban Land Institute and the National Association of Industrial and Office Properties. He has been a featured speaker to numerous real estate groups and conferences, and has been a visiting lecturer at Yale University's School of Management as well as the College of Architecture at Georgia Institute of Technology. In addition, Mr. Davidson is a founder, past chairman and current member of the board of the Georgia Center for Children, a past chairman and current member of the board of the St. Joseph's Mercy Foundation and has held leadership roles with more than a dozen other metropolitan Atlanta community organizations.

Mr. Davidson holds a BA from Davidson College and an MBA from Harvard Business School.


VICE CHAIRMAN OF THE BOARD


Robert H. Zerbst
Chief Executive Officer
CB Richard Ellis Investors, LLC

Mr. Zerbst joined CB Richard Ellis Investors as President in 1997. He has overall responsibility for investment policy and the strategic direction of the firm. He has led the growth and transformation of CB Richard Ellis Investors from a U.S. pension fund advisor with $3.7 billion of assets under management to a multi-strategy, global investment organization with a portfolio of over $15.1 billion.

In 1981, after a career in real estate research and education, Mr. Zerbst founded and served as CEO of Piedmont Realty Advisors, a San Francisco-based registered investment advisory firm. In 1991, Piedmont merged with The RREEF Funds, a pension fund advisor with over $6 billion under management at the time. While a partner at RREEF, he was responsible for all investments in the western United States and opportunistic investments nationally.

Mr. Zerbst holds a B.A. from Miami University, an M.A. in Economics, an M.B.A. and a Ph.D. in Finance and Real Estate Economics from Ohio State University. He also earned the CRE and MAI professional designations, and is a member of the Pension Real Estate Association (PREA), National Association of Real Estate Investment Trusts (NAREIT), National Association of Real Estate Investment Managers (NAREIM), the Real Estate Round Table and the Policy Advisory Board at the Haas School of Business, University of California at Berkeley.


BOARD OF DIRECTORS

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James C. Adams
President
St. Paul Properties, Inc.





Jeffrey A. Barclay
Managing Director
ING Clarion Partners

Jeffrey A. Barclay is Managing Director and head of acquisitions at ING Clarion Partners, a real estate investment management firm with over $22 billion in assets invested on behalf of institutional separate accounts and funds. ING Clarion Partners is part of ING Real Estate, one of the world's largest real estate investment managers.

Mr. Barclay directs the firm's private investment activity throughout the United States. Since 1998, this has included over $20 billion invested in office, retail, apartment and industrial properties. Mr. Barclay serves on the firm's Executive, Operating and Investment Committees.

Prior to joining ING Clarion, Mr. Barclay was a partner at Hamilton Securities, a Washington, DC - based investment bank. From 1989 to 1992 he was responsible for investment sales at Jones Lang LaSalle. He began his real estate investment career in 1983 at the Lawrence Ruben Company, a private development and investment company. Mr. Barclay has also worked in the real estate department of Chemical Bank and in the Equity Research group at CS First Boston.

Mr. Barclay currently serves as Adjunct Professor at Columbia University's Graduate School of Business, where he earned his MBA in Finance and Accounting. He also served as adjunct professor at New York University's Stern School of Business from 1996 through 2001.

Mr. Barclay is chairman of the Institute Committee of the Pension Real Estate Association (PREA). He is also active in the National Association of Real Estate Investment Managers (NAREIM) and the Urban Land Institute (ULI). He resides in Chappaqua, New York, with his wife, Toby, and their two daughters.



Michael L. Elizondo
Group Head
Fidelity Management & Research Company

Mr. Elizondo is head of the Fidelity Real Estate Group at Pyramis Global Advisors, a Fidelity Investments Company. In this role he is responsible for the overall real estate strategy, new business development and general mangement oversight in regard to Fidelity's private market real estate discipline and real estate research. In addition, he is responsible for new product development and representation of Fidelity's real estate products in the institutional market. For nearly ten years, he was one of two Managing Directors in charge of value-added private equity real estae investments until he became Group Head in 2004. He has over 24 years of experience in real estate investment management.

Prior to joining Fidelity in 1995, he was an investor with Colony Capital and a developer and investor with the Trammell Crow Company.

Mr. Elizondo is an active member of ULI, PREA, and on the Board of NAREIM and Fidelity Property Income Trust.

Mr. Elizondo earned his B.B.A. from Emory University and his M.B.A. from Harvard University.



Patrick G. Halter
Chief Executive Officer
Principal Capital Real Estate Investors

Pat is President of the Real Estate Fixed Income Group for Principal Capital Real Estate Investors. He is responsible for portfolio strategy and investment management for private and public market debt clients. Pat directs the real estate fixed income portfolio strategy and management, and assists in the procurement of new real estate fixed income clients. Previously, he was director of advisory services, a multi-faceted business dedicated to managing relationships with external clients interested in investing in private and public real estate equity and debt. Pat is also president of Principal Commercial Funding, Principal Capital's loan securitization subsidiary. He is a member of the board of directors and oversees Principal Commercial Acceptance, a subsidiary formed to make value-added investments such as bridge and mezzanine loans. Pat joined Principal in 1984. He received an MBA in finance and a BBA in finance and marketing from the University of Wisconsin. Pat is a member of the Pension and Real Estate Association (PREA), the Commercial Mortgage Securities Association (CMSA) and National Association Real Estate Investment Management (NAREIM) and serves on the Membership Board of the University of Wisconsin Center for Urban Land Economics Research.



E. Davisson Hardman
Managing Director
U.S. Head of Real Estate Investing
Morgan Stanley

Dave Hardman is a Managing Director of Morgan Stanley and Head of the Firm’s U.S. Real Estate Investing business. He has been solely involved in the real estate investing business since 1978 and since 1982 when he joined Morgan Stanley predecessor firm Dean Witter. As head of Dean Witter’s real estate investment business, Dave was responsible for a $3 billion U.S. portfolio and a joint venture with Hines focused on investing in emerging markets countries. Following the merger of Morgan Stanley and Dean Witter, he joined the Morgan Stanley Real Estate Fund and moved to Asia to start and run the Asia Pacific business for the Fund, which since inception includes $5.4 billion of assets.

With the expansion of Morgan Stanley’s investing platform through the acquisition of the majority of the U.S. equity real estate investing businesses from Lend Lease, Dave is responsible for Morgan Stanley’s core, value-added, opportunistic and mezzanine debt investing businesses in the U.S. He is a member of the Urban Land Institute and the Pension Real Estate Association. Dave received an MBA from Harvard Business School and a BS from the United States Military Academy. He served on active duty as an infantry officer in the Army.


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Charles F. Lowrey
Chief Executive Officer
Prudential Real Estate Investors

Number of Years Experience: 24
Number of Years with Prudential: 5

Mr. Lowrey joined Prudential in March 2001. He is currently Chief Executive Officer of Prudential Real Estate Investors. Previously, Mr. Lowrey was a Managing Director and head of the Americas for J.P. Morgan's Real Estate and Lodging Investment Banking group, where he began his investment banking career in 1988.

Prior to joining J.P. Morgan, Mr. Lowrey spent four years as a managing partner of an architecture and development firm he founded in New York City. During this time he became a registered New York architect. He received an MBA degree from Harvard University, an M.A. degree in architecture from Yale University, and an A.B. degree in architecture from Princeton University. Mr. Lowrey is a former Chairman of the Board of NAREIM, currently on the Boards of NAREIM and PREA and a member of ULI.


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Philip A. Riordan
Senior Managing Director, Real Estate
GE Asset Management

Phil Riordan, is the Senior Managing Director, Real Estate for GE Asset Management. He is responsible for all activity in the real estate area of GEAM, both for the General Electric Pension Trust (GEPT) as well as for the funds advised by the firm. He also serves on the Asset Allocation Committee of GEPT.

In 1986, Phil joined GE Investments as Vice President/Investment Manager in Real Estate responsible for sourcing and underwriting new real estate investment opportunities, assuming his current position in 1992.

Phil began his GE career in 1975 as Investment Manager in the Dallas office of GE Capital's Commercial Real Estate group. In 1979 he transferred to the Denver region office as District Manager, and in 1982 moved to the GE Capital home office in Stamford, Connecticut as Business Development Manager.

Phil stays active in the real estate industry not only through the firm's investment activity but also as a Director of the Real Estate Roundtable, the National Association of Real Estate Investment Managers and the Pension Real Estate Association. Phil received his business degree from Southern Methodist University in 1973.

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