p r e s s   r e l e a s e s

FOR IMMEDIATE RELEASE
May 5, 2005

Contacts:
David Songy, CEO, or Todd Nocerini, COO, Songy Partners, 404.995.8170.
Chris Schroder, Schroder PR, 404.872,7289, chris@schroderpr.com

SONGY PARTNERS SELLS PROPERTIES IN ENERGY CORRIDORS
REAL ESTATE SALES MIRROR TRENDS IN ENERGY INDUSTRY

ATLANTA (May 5, 2005)– Songy Partners Limited's recent sale of two office properties in Texas and Louisiana would be noteworthy transactions for their profitable yields, but the deals also provide a glimpse into the larger story of the red hot U.S. energy industry across the Southwest.

In Houston, Songy recently sold a 146,765 square-foot office building in the city's booming Energy Corridor to the lender who was financing Songy's purchase of the property. “They liked the project so much, they decided to buy the real estate itself,” said David Songy, Chief Executive Officer.

Metro National, a Houston-based investment firm, purchased the property, formerly known as the Landmarks Graphics Building, for $20,000,000 even before the building's newly signed tenant moved in. The sale closed in January 2005. “It's fairly unusual for a lending firm to purchase a property, and it's even more remarkable that closed before the building's tenant moved in,” Songy said. “But I think the deal reflects the trend in the energy industry in general and Houston's Energy Corridor in particular.”

PGS Americas, Inc. moved into this building this spring and leased the entire six-story building, which was built in 1990. Songy purchased the vacant building – and 10 adjacent acres of land – in 2002 for $15.5 million from a subsidiary of Halliburton. It then retrofitted the building, signed a lease with PGS Americas' and sold the adjacent property to Spring Valley Church. The two transactions netted approximately $25 million. PGS Americas consolidated three offices from various Houston sub-markets into the new headquarters at 15150 Memorial Drive in West Houston. Its Norway-based parent company, Petroleum Geo-Services ASA, provides marine seismic data, on-shore surveying and oil and gas production services for clients operating in the North Sea and Gulf of Mexico.

In the other office transaction, closed on April 4, 2005, Songy sold an eight-story, 235,000 square-foot Class A office building in Lafayette, Louisiana to New Orleans-based Rault Properties. When Songy bought the Park Tower in 1997, energy giant Conoco occupied 70 percent of the building, but was in transition, moving its management team to Texas.

“As the energy industry in Louisiana slowed down, it gradually had an impact on the real estate market,” Songy said. “Fortunately, we were able to backfill the building with high-profile, non-energy clients such as New York Life, and Smith Barney.”

The building sold for $14.25 million, pursuant to generating attractive yields during the eight years his firm owned the building, Songy said. “The buyers were impressed that the building was the pre-eminent building in the Lafayette market and that we had replenished building occupancy to 90 percent after the Conoco downsize.”

Songy, a native of Alexandria, Louisiana, is currently looking at development opportunities in both Houston and Lafayette. “Both markets provide great opportunities for us,” Songy said. “It's important to be aware of the shifts in the larger economy and position yourself on the right side of those shifts.”

Songy Partners Limited www.songypartners.com, is a commercial real estate firm based in Atlanta, with company offices and projects in Atlanta, Houston, Miami, Mexico City, Knoxville, Tampa, Boca Raton, Lafayette, and Dallas. The partnership was formed to acquire, renovate and develop institutional quality real estate projects throughout the United States.

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