June 15, 2000

VIRGINIA BEACH, VIRGINIA: Gerald S. Divaris, Chairman/CEO of Divaris Real Estate, Inc., announced the sale of One Columbus Center to Columbus One, L.L.C., a group of local real estate investors, for $14,650,000. 

One Columbus Center is a 134,000 square foot, 11-story Class A office building located in the heart of Virginia Beach's Central Business District.  The property will be incorporated into the new Town Center that is being developed by Town Center Associates on the land immediately adjacent to One Columbus Center.

The principal tenants in the 98 percent leased One Columbus Center include:  Paine Webber, Bank of America, ALLTEL, PriceWaterhouseCoopers, Williams Mullen Clark & Dobbins, City of Virginia Beach Economic Development, USAirways, and Divaris Real Estate, Inc.

Gerald Divaris represented the Buyer in the negotiations.  The leasing and management of One Columbus Center will be retained by Divaris Real Estate, Inc. and Divaris Property Management Corp.

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; Bethesda, Maryland; 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 24.5 million 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 75 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 Chairman of the Board and Michael B. Divaris is President of Divaris Real Estate, Inc.

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