Prescott, Onyx Acquire Westport, Connecticut Office Property for $25 Million

July 11, 2005 - Prescott Capital Management, the investment and asset management unit of The Prescott Group, LLC, announced today a joint venture acquisition with Woodbridge, New Jersey based Onyx Equities, LLC to purchase Westport View Corporate Center, a first class office complex located in Westport, Connecticut for $24.8 million, or $307 per square foot. The property, consisting of two buildings, is located at 8 and 10 Wright Street. Prescott is a New York-based real estate merchant banking firm that undertakes property investment, asset management, and investment banking activities throughout the U.S. as well as internationally.

Built in 1977 with a major renovation in 2000, the 80,000 square foot property is adjacent to Westport's downtown business district and within two miles of both Interstate 95 and the Merritt Parkway. At the time of closing, Westport View Corporate Center was 93 percent occupied with primary tenants including Marriot International, MONY Group, Health Management Solutions, and Northwestern Mutual. The seller was Westport View Corporate Center, LLC.

"This transaction represents the purchase of a first class office building in a strong and supply constrained submarket of the greater New York metropolitan area at pricing levels that compare favorably to similar high quality assets in New York City," said Theodore R. Gamble, Jr., Managing Director at Prescott. "Westport, like other towns also located in Fairfield County, is becoming an increasingly attractive alternative office location for executives seeking to work closer to home, especially in the financial services community."

As part of this transaction, Prescott agreed to deed a significant amount of undeveloped land on the property to Earthplace, the Westport-based nature center, to be designated as open space in perpetuity.

John Saraceno, Jr., a principal of Onyx Equities said, "This is an excellent property that we believe will become increasingly more in demand as the Fairfield County office market and general population continue to grow exponentially. We're excited to join forces with Prescott on this promising investment."

RiverOak Investment Corp., LLC of Stamford, Connecticut made an equity commitment along with Prescott on this acquisition. Debt financing was arranged by Johnson Capital.

About The Prescott Group, LLC

Founded in 1987, The Prescott Group, LLC is a New York-based real estate merchant banking firm that undertakes property investment, asset management, and investment banking activities throughout the U.S. as well as internationally. Prescott brings institutional real estate investments in high quality commercial real estate assets, including office, industrial, retail, mixed-use, hotel, and multi-family product types, to high net worth individuals, families, trusts, foundations, and other private investment groups.

The firm has partnered with the Gordon P. Getty Family Trusts to offer expanded real estate investment opportunities to significant individual investors. The firm also has an alliance with FREO GmbH of Bad Homburg, Germay to target investment in North American real estate assets and develop strategic relationships with selected U.S. institutions and investment groups seeking to increase their investment in property located throughout Europe.

About Onyx Equities, LLC

Onyx Equities, LLC is a private real estate investment firm based in Woodbridge, New Jersey. Onyx Equities purchases, in partnership with institutions and high net worth individuals, commercial properties located in New Jersey, New York, Connecticut, and Pennsylvania. During the last six months, Onyx has purchased in excess of 1 million square feet of properties located in New Jersey and Connecticut with a total acquisition value in excess of $200 million.

About RiverOak Investment Corp., LLC

RiverOak Investment Corp., LLC is a 6 year old company specializing in diversified real estate products for high net worth investors. RiverOak focuses on providing gap equity capital between $1 million and $4 million to developers and operators, in addition to investing side by side with other investors, for projects in the Boston-to-Washington corridor. The company is presently investing its third fund and has a total of $40 million under management.