One Garret Mountain Plaza
West Paterson, NJ

On December 19, 2006, affiliates of Meritage Properties and Mountain Development Corporation acquired One Garret Mountain Plaza, a 174,728 SF, 9 story class B office building on a scenic 18 acre parcel directly overlooking Highland Lake in West Paterson, NJ. Mountain Development is the developer and manager of 3 and 5 Garret Mountain, two office buildings in the Garret Mountain Corporate Park totaling 228,000 SF with a combined 5 year historical occupancy of 98%.

One Garret is prominently located at Exit 56 on Route 80, approximately 3.5 miles from the intersection of Route 80 and the Garden State Parkway. The building has superb visibility and easy access to all of northern New Jersey and midtown Manhattan (approximately 20 miles away). During our first year of ownership, we have signed new leases and renewals for just under $20,000 SF, bringing the building occupancy from 83% to 88%.

The acquisition of this asset affords the joint venture a unique opportunity to reposition a prominently located suburban New Jersey property. This repositioning plan will include a full lobby renovation, common area improvements, upgraded restrooms, and several exterior improvements all of which are currently underway and will be fully completed by the spring of 2008.

For Further Information Contact

Meritage Properties
(Co-Owner) (914) 723-3533

Mountain Development Corp
(Co-Owner) (973) 279-9000

Mountain Development Corp
Bill Martini
(Leasing Agent) (973) 279-9000 X111
bmartini@mountaindevelopment.com

Mike Donohue
(Manager) (973) 279-9000 X107
mdonohue@mountaindevelopment.com