McCaffery Interests, Inc. receives ICSC International Design and Development Award for Innovative Design and Construction of a New Project

Arlington, Virginia, December 17, 2004 - McCaffery Interests, Inc. of Chicago, Illinois, (www.mccafferyinterests.com) today announced that The Market Common, Clarendon located in Arlington, Virginia won the prestigious International Council of Shopping Centers (ICSC) International Design and Development Award for Innovative Design and Construction of a New Project.

The award was presented to McCaffery Interests on December 9, 2004 at the annual ICSC Centerbuild Conference held in Phoenix, AZ. The award honors shopping center owners, development associates, managers, and architects and designers who are the very best at what they do, who design and develop projects that can truly be held up as examples of what can be accomplished with a lot of hard work and creativity. Of 60 submittals from 16 countries, only nine received the award, four of which were from the United States.

The Market Common, Clarendon was noted for artfully blending 303,150 SF of prime retail, 300 Class-A apartments, 87 townhomes, 100,000 SF of office space and 1,554 parking spaces into a relatively compact footprint that compliments the surrounding neighborhoods and commercial areas. What once stood as an empty parking lot for more than a decade is now a thriving example of the creative and effective collaboration between McCaffery Interests and innovative financial and design partners, including: Page Two McCaffery Interests

Owner: Clarendon Edgewood 10, LLC, CoPERA, RREEF, and McCaffery Interests
Management Company: RREEF and McCaffery Interests Design/ Production
Architect: Antunovich Associates
Landscape Architect: Jacobs / Ryan Associates
General Contractor: Joint Venture - Hensel Phelps / Plant Construction Development
Leasing Company: McCaffery Interests

McCaffery Interests recently announced the purchase of an 87-acre site in Myrtle Beach, South Carolina. The same thoughtful and creative development initiatives will be used to transform this land into The Market Common, Myrtle Beach, a street-front urban village with a vibrant combination of retail, residential, hotel, recreation and parking uses.

Honored in the commercial industry, McCaffery Interests has received other awards for The Market Common, Clarendon, including: 2004 Finalist for the National Association of Home Builders’ Pillars of the Industry Award; 2001 Washington Business Journal Best Retail Deal of the Year; 2001 Delta Associates’ Mid-Atlantic Community Impact Award for an Apartment Property; 1999 Transwestern Carey Winston DC Area Commercial Real Estate Services Trendsetter of the Year.

About McCaffery Interests, Inc.
Established in 1991, McCaffery Interests, Inc. is a privately held real estate development company specializing in the development, leasing, and construction and management of urban mixed-use properties nationwide. McCaffery Interests, Inc. is located at 737 Michigan Avenue, Suite 2050, Chicago, IL 60611, (312) 944-3777.

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Media Contact:
Pamela Austin
McCaffery Interests, Inc
Ph: (312) 944-3777 x-31
email me