January 6, 2003

Trademark Closes on Land Purchase for Market Street Project, Signs Leases

HOUSTON (Jan. 6, 2003). . .Trademark announced today that it has closed on the final 20 acres for Market Street (www.marketstreet-thewoodlands.com), its 34-acre, 460,000 square-foot, mixed-use development in The Woodlands Town Center. Trademark closed on a purchase of 14 acres in March 2002 from The Woodlands Operating Company, which had planned to develop the land into a retail development called The Shops at Six Pines. Trademark has executed lease agreements with Borders Books & Music for a two-story, 26,000 square-foot flagship store and grocer H-E-B for a 78,000 square-foot specialty grocery store to be named The Woodlands Market. The Woodlands Market will include key elements from H-E-B's award-winning Central Market concept such as a Café on the Run with indoor and outdoor seating and other signature departments as well as everyday grocery items and a pharmacy. In addition, Trademark has signed letters-of-intent covering more than 75,000 square feet that are expected to be converted to signed leases within the next 60 days.

“I believe the successful integration of a large specialty grocer in a mixed-use town center environment is one of the things that will differentiate this project from its peers,” said Trademark president Terry Montesi. “A lot of developers are building ‘Main Street’ or ‘Town Center’ projects, but few will have the critical mass, the variety of uses and activities or the heart and soul of Market Street,” said Montesi. “From our neo-traditional design, infused with urban variety and rich architectural details, to our multi-million dollar program for fountains, courtyards and public art, this project will be truly one-of-a-kind -- a place where people will want to spend their precious leisure time.” added Montesi.

The $90 million development will include 92,000 square feet of loft-style, class “A” office space and 368,000 square feet of upscale retail and restaurant space and will open in spring 2004. The closing comes on the heels of Trademark’s announcement last month that it has entered into a joint venture with Kimco Developers, Inc., an affiliate of real estate investment trust Kimco Realty Corporation, to finance the Market Street project and that The Woodlands Town Center Improvement District (TCID) has approved Trademark’s petition for the creation of an Economic Development Zone totaling $9.75 million to assist in the financing of public improvements and project amenities in and around Market Street.

The funds generated by the Economic Development Zone will be used to finance a parking garage, a large, central “town square,” a computerized fountain and water feature program, courtyards, a public art program, a nearby “town green” public park connecting Market Street to The Woodlands Waterway, environmental graphics, upgraded landscaping and more. “Kimco is excited to be involved in this project with Trademark,” said Dan Slattery, executive vice president of Kimco Developers, Inc. “We partnered with them in the past with great success, and Market Street is off to a great start,” added Slattery. Market Street will be located in The Woodlands Town Center across from other amenities such as the recently opened, 345-room The Woodlands Waterway Marriott Hotel & Convention Center, the 17,000-seat The Cynthia Woods Mitchell Pavilion and The Woodlands Mall. The Town Center is also home to four million square feet of class “A” office space and several retail centers and restaurants. Market Street will be an open-air, main street-styled town center with one, two and three story buildings and a pedestrian-friendly intimacy not normally found in suburban areas. “It is highly unusual for a town center or lifestyle development to have such world-class activity generators in place prior to opening,” said Tommy Miller, Trademark’s chief investment officer.

Industry reception of Market Street has been strong. “The interest in Market Street and The Woodlands trade area has been like nothing I’ve ever experienced,” said Nick Hernandez, project leasing agent, Boyd Page.

Ed Wulfe, president of Houston based commercial real estate brokerage firm Wulfe & Co. believes Market Street fills a distinct need. “I think Market Street is the final critical piece for creating that completely livable, yet urban environment so in demand today and will become a major focus for The Woodlands,” said Wulfe. The project was designed by Development Design group of Baltimore, the nation’s premier “Town Center” designer and architect of the award-winning Easton Town Square development in Columbus, OH. Environmental graphics are being developed by leading design firm FMG of Houston and Baltimore. Market Street is being leased by Houston commercial real estate brokerage firm Boyd Page, the Houston Chain Links affiliate, and is being constructed by Linbeck Construction Corporation.

* * * The Woodlands, founded in 1974, is home to 70,000 affluent, family-oriented residents. Since 1990, The Woodlands has ranked as Texas’ #1 rated master-planned community and #5 nationally. The Urban Land Institute recently named The Woodlands as one of the world’s greatest master-planned communities.

* * * Trademark (www.tdmk.com) was founded in Forth Worth, Texas in 1991 and specializes in the development and acquisition of high-quality outdoor shopping centers and mixed-use properties in the south central U.S. Trademark’s portfolio includes more than two million square feet. The company is headquartered in Ft. Worth and has offices in Dallas and Houston. # # #