05.23.06
AMC DELANCEY ANNOUNCES $14 MILLION DISPOSITION OF 100% LEASED OFFICE CENTER IN MIAMI LAKES, FL
AMC Delancey and Aquila Property Reposition Miami Lakes Corporate Center and Exceed Overall Performance Goals

Contact
Millicent Zonfrillo, Beckerman Public Relations
(908) 781-6420, millicent@beckermanpr.com
* A photo is available to accompany this release. Please contact Beckerman Public Relations.

PHILADELPHIA, PA, MAY 23, 2006 – AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, and joint venture partner Aquila Property Company, Inc. of Coral Gables, Fla., have announced the disposition of Miami Lakes Corporate Center located in Miami Lakes, Fla., to New Dawn Miami Lakes, LLC for $14 million. AMC Delancey and Aquila Property acquired the 74,000-square-foot Miami Lakes Corporate Center in 2002 and have since repositioned the office property with a significant capital renovation, while bringing the building’s occupancy rate up from 82 percent to 100 percent. John Bell, Senior Vice President, Miami office of Trammell Crow, represented the seller and was the sole broker in the transaction.

Kenneth P. Balin, President and CEO of AMC Delancey Group, Inc., stated, “We are pleased to have completed another successful repositioning of an underperforming asset, which resulted in a return on our investment that exceeded our overall performance goals. We are equally delighted to have completed our second joint venture with Aquila Property Company, whose experience and knowledge of the South Florida marketplace in particular proved to be a major asset in this transaction.”

Jordan Paul, President of Aquila Property Company, said, “Working in conjunction with AMC Delancey, who brings both capital and real estate expertise to our partnership, as well as one of Dade County’s premier leasing companies, Abood & Associates, we were able to help Miami Lakes Corporate Center realize its full potential. We added a significant amount of value, including increasing occupancy to 100 percent, obtaining strong market rents from tenants, and strong market pricing on the final sale. We look forward to once again collaborating with AMC Delancey Group on additional acquisitions in the near future.”

Located at 14750 N.W. 77th Court, Miami Lakes Corporate Center is strategically located with direct frontage on Palmetto Expressway. The office building features an enclosed two-story atrium and parking garage. Current tenants include American Express and regional accounting, law and architectural firms.

AMC Delancey’s joint venture partnerships encompass significant experience across various real estate products. For example, together with Paramount Hotel Group, LLC, AMC Delancey owns and manages full-service hotels in key East Coast markets. In northeast Florida, AMC Delancey and Paramount Hotel repositioned the newly renovated, now award-winning Radisson Hotel Jacksonville Butler Boulevard. In addition, AMC Delancey and Paramount Hotel Group are joint venturing in the repositioning of the Sheraton Orlando North Hotel, which is slated to reopen in the summer of 2006.

Other partnerships include Hudson Capital, with whom AMC Delancey is currently developing Antigua of St. Augustine—a $280 million luxurious waterfront community comprising condominiums, retail and commercial units on 132 acres of land in St. Augustine, Fla. Endurance Real Estate Group is another of AMC Delancey’s successful partnerships. Together, the companies acquired the 378,000-square-foot I-295 Industrial Center in Westville, N.J., and redeveloped it into separate office condos for sale.

About Aquila Property Company, Inc.
Aquila Property Company, Inc. was founded by Jordan Paul and Tom Weber in 2000 to acquire and turn around under-performing Florida properties. Aquila forms ventures with both institutional and local partners and provides its clients with entrepreneurial vision and institutional quality property management, construction management, development, leasing, due diligence, valuation and financial consulting services. By applying a “hands on” approach to upgrading its properties and attracting quality credit tenants Aquila has built a consistent track record of turning around well located under performing buildings. Since its founding Aquila has acquired over 500,000 square feet of office and retail projects in Palm Beach, Dade and Broward Counties including the Innovation Business Park, a 190,000 square foot office and research park located within 2 miles of the planned Scripps Development in Northwest Palm Beach County.

About AMC Delancey Group, Inc.
Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a leading real estate investment and development firm that aligns interests and co-invests with a growing number of real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company's programmatic approach focuses first on the quality of potential operating partners, next on their investment strategies, and then on the specific properties proposed for acquisition. The Company's current investment programs include hotel, office, retail, multi-family, condominium, mixed use, and land development. AMC Delancey plans to expand these and future investment programs throughout the United States, with both existing and new operating partners, with investments targeted over the next several years in excess of one billion dollars. For more information on AMC Delancey Group, visit www.amcdelancey.com .

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