GERALD COSTABILE JOINS MATRIX’S TEAM AT NEWARK LEGAL CENTER

New Senior Project Manager Will Oversee Day-to-Day Operations and
$1.5 million in Site Upgrades

NEWARK, NJ (February 20, 2008) – Matrix Development Group is pleased to welcome Gerald F. Costabile as a senior project manager at One Riverfront Center, Newark’s premier office building known as the Legal Center.

Costabile will be responsible for overseeing the day-to-day operations at the 20-story tower, as well as supervising $1.5 million in upgrades to the building’s HVAC systems, security, parking and multipurpose meeting and conference rooms. The latest investment cements the Legal Center’s reputation as the premier office building site in Newark and one of the most desirable locations in the New Jersey metropolitan area.

“We consider Jerry to be another investment into this world-class building,” said Hilary Budny, vice president of Matrix Development Group. “He was a natural choice to fill this position, with five years of experience as a senior property manager and more than 20 years experience overall. We are confident that he will provide the level of service and attention to detail that our tenants have come to expect in this location.”

The Legal Center features a two-story lobby, bistro-style restaurant, parking garage and state-of-the-art security system unrivaled in the Newark marketplace. With 411,617 square feet of Class-A office space and a historically high occupancy rate, it is one of the most desirable office locations in New Jersey.

Upgrades underway at the building include renovations to the current HVAC system that will give tenants control of heating and air conditioning, increasing comfort while reducing operating costs. A new security system will improve surveillance in and around the building, while the addition of 150 parking spaces and valet parking will add to tenant and visitor convenience. A newly constructed conference center provides the ideal space for video conferencing as well as company meetings and cocktail parties.

“I’m looking forward to the challenge of overseeing such a diverse space,” Costabile said. “There’s so much going on at the Legal Center right now. It’s an exciting time to be involved. A number of current tenants have renewed their leases and the upgrades will insure that this building remains state-of-the-art not just in the current marketplace, but well into the future.”

Costabile most recently worked as a senior property manager for Onyx Equities, Inc. and Hampton Management, LLC, both in New Jersey. He is a graduate of Fairleigh Dickinson University in New Jersey.

About Matrix Development Group

Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.

For more information on Matrix Development Group, please contact the Company’s Cranbury, New Jersey office at (732) 521-2900 or visit www.matrixcompanies.com.

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