The Carlyle Group and High Street Residential to Develop "The Gateway Grand," a 196-Unit Luxury Oceanfront Condominium in Ocean City, MD; 80 Percent of Units Have Water View; New Restaurant on Site

Washington, DC – Global private equity firm The Carlyle Group and real estate developer High Street Residential, a wholly owned subsidiary of Trammell Crow Company, today announced that they have closed on their land acquisition and will develop "The Gateway Grand," a 16-story, 196-unit, oceanfront luxury condominium in Ocean City, MD. Units are currently being offered for sale and occupancy is scheduled for August 2008. Terms of the transaction were not released.

Robert G. Stuckey, Managing Director and Head of Carlyle Realty Partners, said, "This will be the most luxurious residential complex in Ocean City. The Gateway Grand has the amenities discerning buyers demand with the convenience and joy that comes from being steps from the ocean, all at an excellent price point."

Stephen G. Shelesky, Managing Director of Trammell Crow Company, said, "We expect demand to be high among second-home buyers looking for oceanfront property. The Gateway Grand sets a new standard of excellence, convenience, beauty and luxury in Ocean City. Within a few hours of Washington, DC and Philadelphia, The Gateway Grand will be desirable for weekend getaways or full-time living."

The Gateway Grand Condominium Overview:

• 16 stories; 196 units (three and four bedroom units; 1,790 sf to 2,385 sf)


• Prices range from $1,000,000 to $2,000,000+


• Located between 48th & 49th Streets and Coastal Highway & the ocean


• Controlled-access parking: 491-space covered garage; 122-space surface lot


• 5,000 sq. ft free-standing restaurant


• Unit Amenities: Ceramic tile floors; granite countertops; stainless steel kitchen appliances, 9.5 foot ceilings, private balconies/patios; soaking tubs


• Building Amenities: Grand lobby and lounge; indoor and outdoor pools, beachfront terrace with food and beverage area; state-of-the-art fitness center; multi-purpose room; kids club/arcade; multiple meeting rooms; access controlled entrances and common areas; individual storage units


• For additional information visit www.thegatewaygrand.com/ or call (888) 400-MARK


• Sales center currently open at 48th Street and Coastal Highway

High Street Residential, a wholly owned subsidiary of Trammell Crow Company

Founded in 1948, Trammell Crow Company is one of the largest diversified commercial real estate services companies in the world. The company provides building management, brokerage, project management, and development and investment services to both investors in and users of commercial real estate. Residential development is orchestrated through their wholly owned subsidiary, High Street Residential, which is focused on restructuring old or creating new urban neighborhoods to provide more environmentally sound, user-friendly communities. In addition to its full service offices located throughout the United States, the company has offices in Canada, Europe, Asia and Latin/South America focused on the delivery of real estate services to user clients. The company delivers brokerage services outside the United States through strategic alliances with leading providers - in Europe and Asia, through Savills, plc, a leading property services company based in the United Kingdom; and in Canada, through JJ Barnicke, a leading Canadian real estate services provider. The company delivers building management, brokerage, and project management services in India through Trammell Crow Meghraj, India’s leading property services company jointly owned by the company and certain international partners. Trammell Crow Company is traded on the New York Stock Exchange under the ticker symbol "TCC" and is located on the Internet at www.trammellcrow.com/ .