CONTACT: Pembroke Real Estate
Corporate Communications
+1 617 563-5800
CB Richard Ellis
Senior Director- West End Leasing
020 7182 2715
Simon.tann@cbre.com

Pembroke Appoints CB Richard Ellis as Exclusive Letting Agent

LONDON, March 30, 2007 – Pembroke Real Estate today announced that planning for the re-development of 49 Park Lane has been completed and construction is scheduled to commence as early as April 2007. Acquired by Pembroke on behalf of an affiliate in 2005, 49 Park Lane is located in the Mayfair district of London’s West End with views over Hyde Park.

Pembroke also announced it has appointed CB Richard Ellis (CBRE) as the exclusive letting agent for 49 Park Lane.

Pembroke’s re-development project for 49 Park Lane began in January 2007 with the commencement of demolition. Current plans for the property include the development of a modern, high specification Class A building consisting of approximately 28,000 square feet of office space and an adjoining four floors of residential units. Pembroke expects the re-development to be complete by autumn 2008.

"The existing building at 49 Park Lane was constructed in the late 1920’s and was outdated for today’s market needs," said Stephen Bell, president & managing director of Pembroke Real Estate. "Westminster Council, agreeing with this assessment, approved demolition of the building and the construction in its place of a new office building.

"With the necessary approvals in place, we are excited by the prospect of delivering a new, high specification building to the market in late 2008, during a time of anticipated high demand and limited supply in London’s West End," said Bell.

Simon Tann, senior director in charge of West End Leasing at CB Richard Ellis, commented: "We look forward to working together with Pembroke Real Estate on such an interesting and high profile project. We are anticipating strong demand for such a rare product."

In addition to 49 Park Lane, Pembroke’s London portfolio also includes:

Pembroke’s development pipeline also includes land its affiliates acquired in London Millharbour, Docklands, and 261 City Road in Islington. London Millharbour, which has planning approval, is a proposed 780,000-square-foot office complex, while 261 City Road is a proposed 250,000-square-foot, 308-unit residential property with a 36-storey tower.

The property at 49 Park Lane is held by one of Pembroke’s affiliates.About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2006 revenue). With over 24,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate and partner offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit the company’s Web site at www.cbre.com.

About Pembroke Real EstatePembroke Real Estate is the real estate investment and development arm of Fidelity Investments, one of the world’s largest financial services organizations. Pembroke and its affiliates specialize in the acquisition, design, development and management of signature properties in major metropolitan areas worldwide. The firm currently manages more than 3.2 million square feet of commercial and residential space in London, Tokyo, Brussels, San Francisco, Boston and Washington, D.C. Pembroke seeks high-quality, high-profile, well-located acquisition and development opportunities in the office and residential sectors. For more information, visit the company’s Web site at www.pembrokere.com.