PRESS RELEASES

Charles Norman has joined National Real Estate Development as manager to oversee the day-to-day development of the company’s East Market project in Center City Philadelphia. The announcement was made here today by Daniel Killinger, the managing director of National Real Estate Development.

With its $250 million first phase about to start construction, East Market will be a 735,000-square foot office-retail-residential-hotel complex on a full city block bounded by Market, Chestnut, 11th, and 12th streets. The project is majority-owned by the INDURE Build-to-Core Fund, an open-end core-plus real estate vehicle, managed by National Real Estate Advisors, the parent company of National Real Estate Development.

Killinger said: “Charles Norman is bringing to National his considerable experience with large mixed-use projects in major urban markets to help us create an exciting combination of pedestrian-oriented retail, residential rental apartments, office, hotel, parking, and state-of-art digital and static signage. East Market will be a significant part of the exciting, ongoing revitalization of Center City.”

Prior to joining National, Norman held positions at PricewaterhouseCoopers where he advised major private and public sector clients on real estate investment decisions, transactions and project execution. Prior to that, Mr. Norman worked for more than eight years at Millennium Partners, a privately held New York City based developer of luxury urban mixed use projects. At Millennium, he was involved in projects in Boston, New York, Washington, Miami and San Francisco, including as project manager for the Ritz-Carlton Georgetown and the Millennium Tower Residences in Battery Park City.

Norman earned his Master of Architecture degree from the University of Pennsylvania and holds a Bachelor of Arts from Lehigh University.

About National Real Estate Advisors

National Real Estate Advisors has $2.4 billion in net assets under management invested in commercial and multifamily real estate valued at $7.4 billion (as of 12/31/14).Through its open-end fund and separate account for pension fund clients, the company invests in major U.S. urban markets, using a build-to-core strategy in large-scale development and redevelopment projects. National builds investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that can drive high tenant demand and create value over time. The firm is a subsidiary of the National Electrical Benefit Fund. For more information visit, www.natadvisors.com.

About National Real Estate Development, LLC

National Real Estate Development, a subsidiary of National Real Estate Advisors, offers the full spectrum of development related services from project conception to construction delivery. The company has successfully managed and consulted on the development of complex projects in selected cities across the U.S. including office, multifamily residential, retail, hotel and mixed-use properties. National Development currently has four major projects underway in San Francisco, Los Angeles, and Philadelphia, totaling more than 2 million square feet and nearly $900 million in total development cost. For more information visit, www.natrealestatedevelopment.com.

About East Market

East Market, a pedestrian oriented development in the heart of Philadelphia, will revitalize an entire city block, from Market to Chestnut, 11th to 12th Streets. This multi-use location will blend urban and artisanal shopping and dining experiences into a new community with contemporary work and living spaces. For more information, please visit http://www.eastmarketphilly.com or email at eastmarket@natrealestatedevelopment.com