n e w s

FOR IMMEDIATE RELEASE
August 3, 2007
For More Information:

Chris Schroder, SchroderPR, 404.872.7289
chris@schroderpr.com

Wanda Dunaway, Balfour Beatty, 678.919.7002
wdunaway@balfourbeattyus.com

BALFOUR BEATTY CONSTRUCTION SELECTED TO RAZE AND BUILD
$1.2 BILLION "THE STREETS OF BUCKHEAD" PROJECT

ATLANTA, August 3, 2007 - Ben Carter Properties Inc. has selected Balfour Beatty Construction to raze and reconstruct the former Buckhead Village bar and nightclub district and transform it into a new upscale mixed-use community. Known as The Streets of Buckhead, the project will feature luxury retailers, restaurants, hotels, and office and residential units.

Plans for the razing of the Buckhead Village and developing it into the $1.2 billion, high-density mixed-use development project include building on eight acres of land bounded by North Fulton Avenue and Peachtree, Pharr and East Paces Ferry roads. The Streets of Buckhead will include more than 600,000 square feet of high-end retail and restaurant space, 300 five-star hotel rooms, 1,000 luxury apartment units and up to 70,000 square feet of Class A office space.

"Buckhead is an icon of Atlanta, a focal point for activity and a trendsetter for the entire city," said Jeff George, vice president in charge of Balfour Beatty Construction's commercial group in Atlanta. "For us to be involved in shaping its future is a major milestone for our team. We're excited about working with Ben Carter Properties on 'The Streets of Buckhead' and helping to lend our professional hand with crafting a new Buckhead that will be an epicenter of economic and residential life in Atlanta for years to come."

"We have worked with this team in the past and feel they are best suited to handle this monumental project," said Ben Carter, founder and chairman of Ben Carter Properties Inc. "They share our firm's vision of what 'The Streets of Buckhead' will be. They will play an integral part in the shaping of this project, which will rejuvenate this area into the type of high-density mixed-use development you would find in L.A, New York or Boston."

More than $210 million worth of properties have been assembled for the redevelopment as "The Streets of Buckhead." Balfour Beatty Construction is scheduled to begin razing the existing buildings and construction of the new buildings in mid-October of this year. The grand opening is slated for fall 2009.

Balfour Beatty Construction is also currently working with Sembler on the redevelopment of another Atlanta icon, The Prado, in Sandy Springs. The 34-year-old complex will be getting an additional 345,000 square feet of new retail space, along with 15,000 square feet of office space.

Balfour Beatty Construction - formerly known as Centex Construction - has won more than $540 million of new construction work nationally since March 31. Balfour Beatty Construction is Atlanta's 10th-largest commercial contractor, based on 2005 Georgia contractor revenue.

About Balfour Beatty Construction

Balfour Beatty Construction (formerly Centex Construction), a leader in the U.S. commercial construction industry for 74 years, provides general contracting, at-risk construction management, design-build, preconstruction and turnkey services nationwide. The company employs 1,400+ professionals and is one of the largest contractors in the country, as ranked by ENR, with regional headquarters in four of the largest and fastest growing building markets across the country: Charlotte, North Carolina, Fort Lauderdale, Florida, Dallas, Texas, and Washington, D.C. Balfour Beatty Construction is a division of Balfour Beatty, plc, a global leader in the commercial construction industry, publicly traded on the London Stock Exchange. For more information, please visit the company's website at www.balfourbeattyus.com.

About Ben Carter Properties Inc.

Founded in 1993, Ben Carter Properties is an Atlanta-based, full-service commercial real estate firm, which specializes in retail, office and mixed-use projects throughout the Southeast. Over its history, the company has developed over $1 billion in real estate projects. Currently the company has $2 billion in new projects in development, with planned openings by 2010. The Ben Carter Properties team of experts focuses on four distinct areas of real estate services: development, asset management, leasing and brokerage. For information on the company, please visit www.bencarterproperties.com.