May 31, 2007

Virtú Investments Acquires Meridian Tower

San Francisco, CA - Virtú Investments, LLC, a San Francisco based real estate investment management firm, purchased the Meridian Tower in Carmel, IN in May of 2007. The 6-story, 142,897 square foot office building is strategically located in the rapidly developing North Meridian/Carmel submarket of Indianapolis, IN. Virtú was able to purchase the property at a price which is roughly 73% of replacement cost.

The Meridian Tower investment represents an excellent opportunity for Virtú to purchase a well-maintained, Class A asset for a reasonable price in a burgeoning submarket where market dynamics should sustain rent growth and increased occupancy. The Meridian Street corridor, adjacent to the property, is known as the Medical Hub of greater Indianapolis and has seen new medical related development exceed 1.1 million square feet over the last five years. Further, Hamilton County, the county in which the property is located, was the 18th fastest growing county in the nation over that same time period. This tremendous growth is attributable to a strong suburban school system, low crime rate, quality medical facilities, as well as the area's easy access to Indianapolis' Central Business District (CBD) and the Indianapolis International Airport.

Virtú will be obtaining a new, ten-year loan from Countrywide at a fixed rate of 5.67%. This debt will be interest only over the term of the loan, allowing the property to maximize cash flows. Virtú chose the fixed rate loan in order to mitigate interest rate risk and lock in the current cash-on-cash returns.

The Meridian Tower purchase was sourced by California based Commercial Acquisitions Director Will Fleming. For more information concerning commercial acquisitions throughout the United States, contact Will Fleming at Virtú Commercial (415 398-4202). For information concerning multi-family acquisitions throughout the Midwestern U.S., contact Marc Olivieri (480 773-1619). For information concerning other multi-family acquisition possibilities in the Western U.S., contact Stuart Bone (415 999-2088).

Michael Green and Scott McWhorter formed Virtú Investments in 1997. Since then, the company has acquired over forty properties throughout the country. Virtu's current portfolio is valued at over $500 million, with over $150 million of private equity under management. Virtú has primary offices in San Francisco and Carlsbad, CA and satellite offices in Tacoma, WA and Scottsdale, AZ.

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