October 18, 1999

DIVARIS REAL ESTATE SELLS OFFICE BUILDING
IN VIRGINIA BEACH, VIRGINIA

VIRGINIA BEACH, VIRGINIA: Gerald Divaris, Chairman/CEO of Divaris Real Estate, Inc., announced the sale of 232 Business Park Drive,  in Virginia Beach, Virginia.  The property comprises a 14,800 square foot office building housing six tenants.  It was sold for $1.045 million.

Vivian Turok of DRE's Virginia Beach office represented the Seller, Woodway Business Park, LLC.  in the negotiations.  John Katsias of the Katsias Company represented the Buyer, C.S. Hines, Inc.

Divaris Real Estate, Inc. is headquartered in Virginia Beach, Virginia with offices in Norfolk, Chesapeake, Newport News, and Richmond, Virginia;  Charlotte, North Carolina; Atlanta, Georgia; Jackson, Mississippi; and Tampa, Miami, and St. Augustine, Florida. It is an international real estate brokerage and property management company that currently manages and/or leases in excess of 20,000,000 square feet of prime office, retail, and industrial space throughout the Mid-Atlantic and Southeastern states.

Divaris Real Estate, Inc. is a member of Realty Resources, a national group of independent retail property brokers and managers covering seventy-five major markets throughout the United States. This organization represents corporate and institutional clients, as well as tenants and buyers in all aspects of leasing, development, and managing properties, as well as in acquisitions and land sales. Gerald S. Divaris is CEO and Chairman of the Board and Michael B. Divaris is President of Divaris Real Estate, Inc.