American Realty Advisors: Press Release

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Contact: Joyce Ezaki
818/409-3280

AMERICAN REALTY ADVISORS SIGNS

MAJOR TENANT IN NEW YORK CITY

GLENDALE, Calif. -- (Market Wire) - June 23, 2008 - American Realty Advisors is pleased to announce that Newsweek, Inc. has signed a 15-year lease for approximately 163,000 square feet at 395 Hudson Street, a 600,000 square foot Class-A 10-story office building located in downtown New York City, which is owned by the New York City District Council of Carpenters Pension Fund. "The Carpenters Union Pension Fund is pleased to welcome Newsweek to 395 Hudson" said Stuart GraBois, Executive Director of the New York City District Council of Carpenters Benefit Funds representing the Board of Trustees. "We are confident that they will find the property to be ideally located and perfectly positioned to meet the needs of their new corporate headquarters and we look forward to working with them for many years to come."

Newsweek will relocate its headquarters from 1175 Broadway and plans to occupy the 3rd floor and part of the 4th floor of the property by the third quarter of 2009. American is the real estate investment manager for the building and worked closely with the administration of the New York City District Council of Carpenters Pension Fund and their management and leasing teams from Cushman & Wakefield, Inc. to complete this transaction with remarkable speed and precision.

American's Portfolio Manager Christina Hill commented, "We are proud to announce this significant transaction that brings together one of the world's premier media corporations, Newsweek, and our client's outstanding property. Due to the team's expertise and dedication to excellence, the lease was executed and delivered in a little over a month, adding to the significant value of this asset."

American Realty Advisors, a California corporation, is an SEC-registered investment advisor under the Investment Advisers Act of 1940 and a leading provider of real estate investment management services to institutional investors. With more than $4.4 billion* in assets under management, American has provided innovative real estate solutions to institutional investors for over 20 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, retail and other properties nationwide. Information regarding American can be found online at www.americanreal.com.

Forward-Looking Statements: This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are statements that do not represent historical facts and are based on our beliefs, assumptions made by us, and information currently available to us. Forward-looking statements in this press release are based on our current expectations as of the date of the release, which could change or not materialize as expected. Actual results may differ materially due to a variety of uncertainties and risk factors. Except as required by law, we assume no obligation to update any such forward-looking statements.

*Assets under management represent gross value of all assets and accounts managed by American as of March 31, 2008 (excluding partners' share of equity and partner's share of debt on partnership investments).

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