Faison -- Press Room Recent News

CHARLOTTE, N.C., Dec. 15, 2005 – Faison Enterprises and CSX Corporation (NYSE: CSX) today announced the sale of James Center in Richmond, Va., to James Center Property LLC, an affiliate of New York-based JEMB Realty Corporation, for $185 million.

James Center consists of three office buildings that range from 14 to 22 stories with 986,483 square feet of total space. It is a centerpiece in Richmond’s downtown financial district and is located near some of the city’s finest residential neighborhoods and shopping districts.

“In James Center, we have had the privilege of a strong and effective joint venture partnership with CSX and the opportunity to be part of a dynamic, exciting Richmond community,” said Henry J. Faison, Chairman of Faison Enterprises. “In many ways, we will be saddened by the conclusion of this investment. However, we know that JEMB Realty will continue to be good stewards of this important part of the City of Richmond.”

Stephen A. Crosby, President of CSX Real Property, Inc., the authorized real estate agent for CSX, said, "We are pleased to have transformed a former CSX property into an important piece of Richmond’s contemporary urban skyline and are grateful to the tenants, partners and employees who have made James Center the premier business location.”

Initial development of James Center began in 1985. The site has since become the address for some the most recognizable companies in Richmond, including McGuire Woods, LLP; Wachovia Bank; Ernst & Young; Williams Mullen; Davenport & Company, LLC; Marsh & McLennan Companies, Inc. and the Bull and Bear Club.

According to Joe Jerome, principal of the purchaser, “JEMB’s acquisition strategy is to identify emerging markets and purchase the dominant assets within the developing districts. The James Center Complex is exactly that - the premier commercial office building in the Richmond market.”

James Center’s landmark status is earned, in part, by two art works commemorating the nearby site of the “Great Turning Basin,” a set of canal locks that served as a major commercial interchange in the 18th century.

About Faison Enterprises

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, Charleston, Atlanta, Orlando and Delray Beach, Fla. For more information, visit www.faison.com.

About CSX Corporation

CSX Corporation, based in Jacksonville, Fla., is one of the nation's leading transportation companies, providing rail, intermodal and rail-to-truck transload service. The company’s transportation network spans 22 eastern states and the District of Columbia, and connects to 70 ocean, river and lake ports.

About JEMB Realty Corp.

JEMB Realty Corp. is an experienced real estate owner, developer and manager headquartered in Manhattan that acquires, upgrades and repositions commercial, retail and residential property in existing and emerging city business. With its subsidiary BUSAC Real Estate in Montreal, Quebec, JEMB owns and operates in excess of 6.2 million square feet of commercial space in North America including such prominent assets as Herald Center, Herald Towers, 150 Broadway and 75 Broad Street in Manhattan, The Astoria Energy Plant in Queens (New York City’s Largest new power plant), 375 McCarter Highway in Newark, NJ, Place Dupuis in Canada, the Galleria Corporate Center in Scottsdale, AZ and other strategically located properties.