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20-21 St. James’s Square Is Pembroke’s 3rd London Acquisition in 2005;
President Stephen Bell Relocates to London to Oversee Global Expansion

BOSTON, December 14, 2005 – Continuing the expansion of its global real estate portfolio, 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 20-21 St. James’s Square in London. 

20-21 St. James’s Square is Pembroke’s third acquisition in London in 2005 and the company’s sixth in London since 1997.  Pembroke now owns and manages more than 2.4 million square feet of commercial and residential space worldwide, including more than 614,000 square feet in London and Tokyo.

Located in the heart of London’s West End, 20-21 St. James’s Square is a 69,500-square-foot office property comprised of three adjoining buildings.  The property, which includes an historic Robert Adam-designed building erected in 1774, is in a prime location and benefits from close proximity to the Green Park and Piccadilly stations of London’s Underground subway network.

“The combination of an historic building and modern office space, as well as the property’s exceptional setting overlooking St. James’s Square, makes 20-21 St. James’s Square a strong addition to Pembroke’s London portfolio,” said Stephen Bell, president, Pembroke Real Estate.  “We see significant long-term value in the London real estate market and will continue to pursue high-quality development opportunities in the area.”

In addition to 20-21 St. James’s Square, Pembroke’s portfolio in London includes:

• 4 Cannon Street, also known as Scandinavian House, a recently acquired, 88,000-square-foot office building overlooking St. Paul’s Cathedral and Gardens;

• 49 Park Lane, a recently acquired 28,000-square-foot office building adjacent to The Dorchester Hotel with excellent views of Hyde Park; and

• 25 Cannon Street, a 114,000-square-foot office building adjacent to St. Paul’s Cathedral that was reconstructed from the ground up. 

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 with a 36-story tower.

Pembroke was represented by Julian Stocks of Jones Lang LaSalle.

Pembroke Relocates President to London
To help further expand its global real estate portfolio in London as well as identify quality opportunities in Continental Europe, Pembroke Real Estate has relocated Bell to London. The expansion of the London office, which presently includes two positions overseeing development, reinforces Pembroke’s commitment to Continental Europe and London and further solidifies its presence in London.

 “Expanding our London office will allow us to more efficiently and effectively explore and pursue international development opportunities,” said Bell. “While we will continue to invest in our current markets of London and Tokyo, we also will be further diversifying our global real estate portfolio to include core properties in Brussels and Paris.   In addition, we are maintaining focus on our current U.S. markets – Boston and San Francisco – as well as pursuing new opportunities in Washington, D.C.”

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 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/.

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