FOR IMMEDIATE RELEASE

SOMERSET PARTNERS ACQUIRES TROPHY
WASHINGTON, D.C. PROPERTY

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First Acquisition by Somerset in D.C. Underscores Company’sEnterprising Growth Strategy

New York – Somerset Partners L.L.C., (“Somerset”) an enterprising private real estate investment firm, today announced the purchase of 1801 K Street NW, a 562,565 square foot office building in Washington, D.C. Located in the heart of the “Golden Triangle” Business Improvement District less than four blocks from the White House, 1801 K Street, NW is one of the largest non-governmental office buildings in Washington, D.C., making it one of the most unique buildings in the region.  Somerset’s acquisition team was led by Keith Rubenstein and Marshal Allan.

Somerset has confirmed plans for a major capital improvement program which will offer interior and exterior renovations that will transform 1801 K Street into a trophy luxury office building offering first class tenant services, amenities and security. Renovations to the building will include a new architecturally-designed modern curtain wall with new floor-to-ceiling windows, an upgraded building lobby and entrance creating a more secure building with a new concierge/security checkpoint. Other renovations will include upgraded elevators, bathrooms and a modern and technologically advanced HVAC system.

“The acquisition of 1801 K Street is our first investment in the D.C. market and contributes strategically to our successful portfolio of properties nationwide,” said Keith Rubenstein, Director of Equity Investments. “In addition, the renovation of this building will breathe new life into the property and offer existing and prospective tenants 21st century luxury office space in the heart of our nation’s capitol.”

Completed in 1971 and designed by Henry Holle of Holle & Lin, 1801 K Street, NW is a prime corner property which occupies the entire west side of 18th Street between K and L Street. 1801 K Street, NW also has retail space and a 353-space, three-level, subterranean parking garage.

The seller was represented by Eastdil Realty Company, L.L.C.

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Somerset Partners, LLC, is a private equity firm focused on the preservation and growth of wealth through investment in real estate for its investors and principals. With a focus on long-term ownership and high-quality multi-family assets in economically sound markets, Somerset Partners matches its investments with the specific portfolio requirements of its equity partners. Somerset Partners is owned and managed by Keith Rubenstein, Marshall Allan and Philip Welch.