CORRECTING and REPLACING The Tuckerman Group Announces Investments in

    Business Editors/Real Estate Writers
    CORRECTION...by State Street

    BOSTON--(BUSINESS WIRE)--Jan. 27, 2005--In BW5482 issued Jan. 26, 2005: Please replace the release with the following corrected version.

    The corrected release reads:

    THE TUCKERMAN GROUP ANNOUNCES INVESTMENTS IN TWO LUXURY APARTMENT COMMUNITIES IN COLORADO SPRINGS AND ATLANTA

    The Tuckerman Group, a real estate investment management and advisory firm and member of State Street Global Alliance, LLC, announced today the closing on equity investments in two apartment development projects: Talon Hill and The Flats.
    Talon Hill, a 276-unit garden apartment project in Colorado Springs, Colorado, is the 13th and final investment made by Tuckerman Group's Multi-Family Development Program III, a specialized investment program focused on the ground-up development and eventual sale of high-quality multi-family properties. The Flats is a 281-bedroom student apartment project to be located in the ATLANTIC STATION(R) redevelopment, a live/work/play community in Atlanta, Georgia. It is the second transaction completed by the Tuckerman Group's Residential Income and Value Added (RIVA) fund, which invests in development and value-added projects in the multi-housing sector. Compass Bank serves as the construction lender for both projects.
    The Talon Hill project received an equity investment of $6,741,000 in December, 2004 from Multi-Family Development Program III and is scheduled for completion in October, 2006. The partner on the project is Embrey Partners, a San Antonio-based multi-family development and construction firm specializing in rental multi-family and commercial developments. The company has developed more than 20,000 since 1977.
    In January, 2005, the Tuckerman Group made an equity investment of $3,580,000 from its RIVA fund into The Flats. Lane/Flagstone Ventures is the partner on the project which is scheduled to be completed in September, 2006. Lane/Flagstone Ventures is a joint venture between Atlanta's Lane Company and Miami-based Flagstone Holdings.
    Compass Bank is among the nation's 30 largest banks with total assets of $28 billion and more than 376 full-service locations in six states. Compass is based in Birmingham, AL. The San Antonio office of Compass originated the construction loan for Talon Hill and the Atlanta office originated the construction loan for The Flats.
    "The successful investments that we've chosen through the Multi-Family Development Program III, coupled with early-stage ventures for the RIVA fund that we anticipate to be lucrative, underscore the commitment of our real estate professionals to strive for the most promising strategies for our clients," said Chip Lauckhardt, chairman and chief executive officer of The Tuckerman Group. "Our goal is to continually seek out private and public real estate strategies with the most potential for investment return."
    "We are constantly in search of real estate projects throughout the U.S. that have the capacity to generate the greatest returns, and Talon Hill and The Flats have great potential to be rewarding investments," said Glen Weisberg, managing director of The Tuckerman Group.
    Multi-Family Development Program III is now fully invested with a total equity investment of $85 million. The RIVA fund raised in excess of $150 million from 25 participants, which included pension funds, foundations, endowments, and high net worth individuals.
    The Tuckerman Group manages private real estate investments and public real estate securities portfolios, and provides advisory services to institutional and individual investors. The company's direct real-estate investment capability has a strategic focus on value-added strategies.

    About The Tuckerman Group

    The Tuckerman Group is part of State Street Global Alliance, LLC, a jointly-owned subsidiary of State Street Global Advisors the investment management arm of State Street Corporation, and the Dutch pension fund ABP, the world's second largest pension fund. The Tuckerman Group has two principal units: Tuckerman Investors, offering value-added investment programs to institutional investors on a co-investment basis, and Tuckerman Securities, managing funds which invest in real estate securities on both an active fundamental and passive basis. The Tuckerman Group currently manages almost $3 billion in real estate assets. The Tuckerman Group has its headquarters in Purchase, New York with additional offices in Boston and Chicago.

    About State Street Global Alliance LLC

    State Street Global Alliance, LLC, founded in 2001, is the strategic venturing partnership jointly owned by State Street Global Advisors and one of the world's largest pension funds, Stichting Pensioenfonds ABP (ABP). State Street Global Alliance seeks to develop partnerships with innovative asset managers worldwide to develop investment excellence and innovation with growth rates in excess of industry averages. State Street Global Alliance currently consists of six majority owned companies and two minority investments. For more information, visit www.ssgaglobalalliance.com.

    About State Street Global Advisors

    State Street Global Advisors, the investment management group of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.4 trillion in investment programs and portfolios, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, and offices in 28 cities worldwide.

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CONTACT: State Street Corporation Arlene Roberts, 617-664-3933

KEYWORD: COLORADO MASSACHUSETTS GEORGIA INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION BANKING SOURCE: State Street Corporation

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