Faison -- Press Room

Charlotte, NC — November 16, 2004— Faison Enterprises today announced the sale of its Worldgate Plaza I-IV office complex to Massachusetts-based Boston Properties for $78.2 million.

The four building complex of more than 320,000 total square feet is located in Herndon, Va., within three miles of Washington, D.C.'s Dulles International Airport.

The sale was executed through River Ridge Limited Partnership, an entity controlled by the Charlotte-based Faison. CB Richard Ellis represented the seller.

Worldgate Plaza is a Class A office complex with four 80,582 square-foot buildings that Faison purchased in October 2003. Major tenants include Verizon Avenue Corporation, Savvis Communications Corp. and Symantec Corporation. Located prominently on Dulles Toll Road, the project is part of a 96-acre mixed-use complex that includes, in addition to commercial office buildings, extensive retail and residential components.

Philip W. Norwood, President and CEO at Faison, explained that Faison initiated the Worldgate sale to capitalize on growing tenant interest in the Herndon/Reston market - due to renewed growth within the defense industry and telecom sectors in the region.

"A progressively stronger tenant market and improving capital markets presented Faison with the opportunity to successfully redeploy some of its initial investment beyond the Reston-Herndon submarket," said Norwood. "The combination of a well situated site with good long-term growth potential was what first drew us to Worldgate and is, I expect, what has piqued other's interest as well."

Faison Enterprises enjoys a strong presence in the Washington, D.C. area, with extensive retail, residential and commercial holdings and in-process development activity in northern Virginia, suburban Maryland and the District of Columbia. In the immediate area, Faison retains a controlling ownership of the nearby Dulles Executive Plaza, which it acquired along with Worldgate Plaza last year.

Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1.3 billion, the Charlotte, N.C. based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda, Md., Charlotte, Atlanta, Orlando and Delray Beach, Fla. For more information, visit www.faison.com.