n e w s

FOR IMMEDIATE RELEASE
August 3, 2007
For More Information:

Chris Schroder, SchroderPR, 404.872.7289
chris@schroderpr.com

SHAILENDRA GROUP PURCHASES ATLANTA BALLET'S PROPERTY
ON WEST PEACHTREE IN MIDTOWN

ATLANTA, August 3, 2007 - Shailendra Group has purchased a 1.25-acre parcel at 1400 West Peachtree Street in Midtown Atlanta from Atlanta Ballet. The property is immediately adjacent to a quarter-acre lot Shailendra Group purchased in December 2006 and is across West Peachtree from the 1.7-acre 1400 Peachtree property, which Shailendra purchased in a joint venture with Jamestown Properties in October 2006. The transaction closed on Wednesday, July 31.

Atlanta Ballet's sale of the West Peachtree property serves as one component of its long-term strategy to secure its financial future. The sale will allow the Ballet to retire $2.75 million in accumulated debt, acquire and renovate a new home in West Midtown, and provide a significant increase to the Ballet's current endowment. Proceeds from the sale will partially address the plan's goals, and the balance will come from a capital campaign currently in the planning stages.

For Shailendra Group, this purchase further solidifies its plans to create a new vision for development at the north end of Midtown. "Together with our other recent acquisitions, the Ballet's property will contribute to our overall vision for the Northern Gateway to Midtown," said Shi Shailendra, Founder and CEO of Shailendra Group. "Our plans are to create a cohesive and architecturally significant development that enhances the finest aspects of Midtown."

Added John Robbins, Shailendra Group's Senior Vice President: "In concert with the Midtown Alliance's and the City's vision, we plan to create a fabric of development that capitalizes on the best that Midtown has to offer: iconic architecture; dense, urban, mixed-use development that promotes street-level retail and pedestrian activity; exceptional access and visibility; and proximity to the Woodruff Arts Center, Piedmont Park, Ansley Park and MARTA."

The Atlanta Ballet is currently under contract to purchase and build out an existing property on the west side of the city. Atlanta Ballet and Centre for Dance Education, with five rehearsal studios, twenty physical administration offices, box office and costume shop will continue to occupy the 1400 West Peachtree building until the renovation of the new location is completed in late 2008. Atlanta Ballet's Centre for Dance Education satellite studios in Buckhead and Cobb are not affected by the move.

"The sale of 1400 West Peachtree represents a major step forward in securing the Atlanta Ballet's future," said Executive Director, Barry Hughson. "However, the sale in itself is just one step in a long-term process that will require fiscal discipline, solid planning, and support from the community."

According to the Ballet's Board Chair Sandy Rose, "We are pleased to start the new fiscal year debt-free, but realize that there is much work to be done to secure the future for Atlanta Ballet." He added, "The City of Atlanta deserves nothing less than a world-class ballet company, and the Board of Trustees and staff are committed to that vision."

Hugh Pafford of Colliers Spectrum Cauble represented Shailendra in both the purchase of the Ballet property and the December 2006 purchase of a .23-acre parcel at the corner of West Peachtree and 18 th streets. Pafford represented the seller when the joint venture of Shailendra and Jamestown Properties purchased the 1400 Peachtree property in 2006. Jamestown Properties was a partner in the Ballet closing.

About the Atlanta Ballet

Founded in 1929, Atlanta Ballet is the longest, continuously operating ballet company in the United States. Atlanta Ballet's eclectic repertoire spans ballet history, highlighted by beloved classics and inventive originals. Among Atlanta Ballet's proud and unique 75-year history are its three Artistic Directors, Miss Dorothy Alexander, whose vision brought dance to the South; Robert Barnett, who turned Atlanta Ballet into a professional company; and currently, John McFall. Under McFall's leadership, Atlanta Ballet continues its commitment to share and educate audiences on the empowering joy of dance. Atlanta Ballet opened the Centre for Dance Education in 1996 and is dedicated to nurturing young dancers while providing an outlet for adults to express their creativity. With diverse class offerings and student population, the Centre serves over 150,000 people in metro Atlanta each year. Atlanta Ballet's roots remain firmly grounded in the Atlanta community and continue to play a vital role in the city's cultural growth and revitalization.

About Shailendra Group, LLC

Shailendra Group is currently involved in office, medical office, residential, resort, retail, and industrial developments in Georgia, Florida and Alabama. Shi Shailendra, CEO, began the firm in 1982. Its staff of 30 employees oversees investments from its offices on the 23 rd floor of the Proscenium tower in Midtown Atlanta.