American Realty Advisors: Press Release

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Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS PROVIDES PREFERRED EQUITY FINANCING FOR HISTORIC CHICAGO LANDMARK

GLENDALE, Calif. - March 23, 2007 - American Realty Advisors is pleased to announce that it has provided preferred equity financing to an affiliate of Harbor Group International, LLC for the acquisition of Burnham Center, a historic 22-story office building located at 111 West Washington Street in the heart of the Chicago Central Business District. Designed by the architectural firm of Daniel H. Burnham & Company in 1914, the building is listed on the National Historic Registry and is revered as one of Chicago's most recognizable and enviable office properties. The Property consists of 579,778 net rentable square feet and features a distinctive "building-within-a-building" design whereby the dual Washington and Clark Street entrances, lobbies, and elevator banks offer major tenants the prestige and security of a private entrance. The transaction was executed on behalf of one of the firm's commingled funds and represents the firm's second office investment in the Chicago MSA.

Kirk Helgeson, Principal and Managing Director of Investments, stated, "This investment represents a dynamic collaboration of excellent sponsorship, quality tenants, and ideal location. This transaction further corroborates American's expertise in sourcing prime investments through structured financing deals that are otherwise inaccessible through traditional methods."

American Realty Advisors is an SEC-registered investment advisor and a leading provider of real estate investment management services to institutional investors. With more than $4.1 billion* in assets under management, American has provided real estate investment management services to institutional investors for over 18 years utilizing core and value-added commingled funds and separate accounts. The Firm's portfolios include office, industrial, multi-family, and retail properties nationwide.

* As of December 31, 2006, assets under management represent gross value of all assets and accounts managed by American (excluding partners' share of equity and partners' share of debt on partnership investments) plus approximately $762 million in commitments not yet drawn.

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