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2-6 Cannon Street Overlooks St. Paul’s Cathedral

BOSTON, July 20, 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 2-6 Cannon Street in London.  This is Pembroke’s second acquisition in London in 2005 and the company’s fifth since 1997.

Located in the heart of London’s financial district, 2-6 Cannon Street, also known as Scandinavian House, is an 88,000-square-foot office building overlooking St. Paul’s Cathedral and Gardens.  The property is in a prime location that benefits from close proximity to numerous commuter transportation options including London’s subway network and mainline rail service.

“2-6 Cannon Street is a valuable addition to Pembroke’s London portfolio given the strength and quality of the property’s location,” said Stephen Bell, president, Pembroke Real Estate.  “We see significant long-term value in the London real estate market and will continue to pursue quality development opportunities in the area. 

“While London and Tokyo have and will continue to be important parts of our global real estate portfolio, we will be further diversifying by looking at opportunities in Brussels, Prague and Paris.   At the same time, we will maintain focus on our current domestic markets—Boston and San Francisco—and will be pursuing new opportunities in Washington, DC,” said Bell.

In addition to 2-6 Cannon Street, Pembroke’s portfolio in London includes 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.  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.

Pembroke was represented by Peter Burns of 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 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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