49 Park Lane Located in London’s West End with Views over Hyde Park

BOSTON, February 2, 2005 – Pembroke Real Estate, the unit of Fidelity Investments that specializes in the acquisition, design, development and management of signature properties worldwide, today announced the purchase of 49 Park Lane in London.  This is Pembroke’s fourth acquisition in London since 1997.

The 28,000-square-foot office building is located on Park Lane adjacent to The Dorchester Hotel with excellent views of Hyde Park.  In addition to 49 Park Lane, Pembroke’s portfolio in London includes 25 Cannon Street, a recently developed 114,000-square-foot office building adjacent to St. Paul’s Cathedral.  Pembroke also is in the process of developing land it acquired in London Millharbour, Docklands, and 261 City Road in Islington.  London Millharbour is a proposed 780,000-square-foot office complex, and 261 City Road will be a 250,000-square-foot, 308-unit residential property that will include a 36-story tower.

“London is a very important part of our international real estate portfolio,” said Stephen Bell, president of Pembroke Real Estate.  “We have spent nearly 10 years in London identifying and developing signature properties such as 25 Cannon Street, and we will continue to aggressively pursue quality development opportunities in the UK.  At the same time, we also plan to aggressively seek opportunities to expand and diversify our global real estate portfolio in continental Europe, while maintaining focus on our current geographic markets.”

“Forty-nine Park Lane is a valuable addition to Pembroke’s London portfolio given the strength and quality of the property’s location,” said Sterling Hale, vice president and managing director of Pembroke Real Estate’s London office.  “We will pursue a development scheme that is equal in quality to its location.”

Pembroke was represented by Peter Burns, director of Central London Development at CB Richard Ellis.

About Pembroke Real Estate
 Pembroke Real Estate is the real estate development arm of Fidelity Investments, one of the world’s largest financial services organizations.  The company currently manages signature properties in major metropolitan areas worldwide, including projects in London, Tokyo, San Francisco, Toronto and Boston.  The firm seeks development opportunities with high-quality, high-profile, well-located properties in the office and residential sectors.  For more information, visit the company''s Web site at http://www.pembrokere.com/.