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JOSEPH S. TAYLOR, PRESIDENT & CEO OF MATRIX DEVELOPMENT GROUP, HONORED BY NJ-NAIOP WITH LIFETIME ACHIEVEMENT AWARD

CRANBURY, NJ, JUNE 18, 2007 – Joseph S. Taylor, president and chief executive officer of Matrix Development Group, the Cranbury-based real estate investment and development company, was recently presented with the highly coveted Lifetime Achievement Award from the New Jersey Chapter of the National Association of Industrial and Office Properties (NJ-NAIOP). Taylor was bestowed with this prestigious recognition at NJ-NAIOP’s 20^th Commercial Real Estate Awards Gala, held at the New Jersey Performing Arts Center in Newark.

“I am truly honored to be selected for the NAIOP Lifetime Achievement Award, but I think the honor is more a reflection of our team at Matrix than me personally,” Taylor said. “It is very special to be recognized by the colleagues that I have worked so closely with over the years.”

Joseph S. Taylor is one of the most accomplished business professionals in New Jersey. Since forming Matrix in 1979, he has been bestowed with numerous business, real estate and philanthropic awards. Among the many charities Taylor and Matrix have been heavily involved with are Hands Together, American Conference on Diversity, Monroe Education Foundation, American Heart Association, March of Dimes and Elijah’s Promise.

“When people think about Matrix, I honestly hope they recognize us not for the number of square feet we have built, but for the impact we made on our industry and the number of lives we touched and hopefully positively changed,” Taylor said. “What I am most proud of at Matrix is indeed our people and how passionate they are about making a difference in the lives of others.”

Taylor started his real estate career at Tishman Management and Leasing in New York. Shortly thereafter, he joined a New Jersey based real estate development firm as Project Manager, overseeing an 1800-acre property in Middlesex County. In 1987, Taylor assumed management of the investment and formed Matrix Development Group.

For more than 20 years, the company has strategically expanded its geographic reach throughout New Jersey into Pennsylvania and New York, while broadening its business base to include a construction firm, property management entity, asset recovery division, residential development company and a golf management subsidiary.

“Joe Taylor's leadership, encouragement and personal commitment have made an indelible imprint on NJ-NAIOP as an organization, and on me and his fellow members personally,” said Michael G. McGuinness, NJ-NAIOP executive director. “His contributions to both the New Jersey Chapter and the National Association are legendary. Joe’s vision and trust are the foundation upon which NJ-NAIOP has grown to the prominence and position of respect it enjoys today. No one is more deserving of our Lifetime Achievement Award. Our biggest challenge will be to determine what to call the award we will give him for his next thirty years of service to NJ-NAIOP.”

Taylor has been a member of NJ-NAIOP for nearly 20 years. In 1997 and 1998, he served as the Chapter President and created the Public Affairs and Community Action Committees. Following NAIOP National’s 1999 recognition of Matrix as National Developer of the Year, Taylor became involved in the national leadership. In addition to creating committees focused on mixed-use development and membership diversification, he was National NAIOP Chairman in 2005. Currently, he serves as a Trustee on both the New Jersey and National Boards.

The New Jersey Chapter of the National Association of Industrial and Office Properties (NJ-NAIOP) is the trade association for developers, owners and investors in industrial, office and related commercial real estate. Founded in 1970, the NJ Chapter is comprised of over 400 members and offers its members business and networking opportunities, education and professional development programs, research on trends and innovations and strong legislative and public affairs representation. The New Jersey Chapter is part of the larger NAIOP organization founded in 1967, which is comprised of over 10,000 members in 48 chapters throughout North America.

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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CRANBURY, NJ, JUNE 18, 2007 – Joseph S. Taylor, president and chief executive officer of Matrix Development Group, the Cranbury-based real estate investment and development company, was recently presented with the highly coveted Lifetime Achievement Award from the New Jersey Chapter of the National Association of Industrial and Office Properties (NJ-NAIOP). Taylor was bestowed with this prestigious recognition at NJ-NAIOP’s 20^th Commercial Real Estate Awards Gala, held at the New Jersey Performing Arts Center in Newark.

“I am truly honored to be selected for the NAIOP Lifetime Achievement Award, but I think the honor is more a reflection of our team at Matrix than me personally,” Taylor said. “It is very special to be recognized by the colleagues that I have worked so closely with over the years.”

Joseph S. Taylor is one of the most accomplished business professionals in New Jersey. Since forming Matrix in 1979, he has been bestowed with numerous business, real estate and philanthropic awards. Among the many charities Taylor and Matrix have been heavily involved with are Hands Together, American Conference on Diversity, Monroe Education Foundation, American Heart Association, March of Dimes and Elijah’s Promise.

“When people think about Matrix, I honestly hope they recognize us not for the number of square feet we have built, but for the impact we made on our industry and the number of lives we touched and hopefully positively changed,” Taylor said. “What I am most proud of at Matrix is indeed our people and how passionate they are about making a difference in the lives of others.”

Taylor started his real estate career at Tishman Management and Leasing in New York. Shortly thereafter, he joined a New Jersey based real estate development firm as Project Manager, overseeing an 1800-acre property in Middlesex County. In 1987, Taylor assumed management of the investment and formed Matrix Development Group.

For more than 20 years, the company has strategically expanded its geographic reach throughout New Jersey into Pennsylvania and New York, while broadening its business base to include a construction firm, property management entity, asset recovery division, residential development company and a golf management subsidiary.

“Joe Taylor's leadership, encouragement and personal commitment have made an indelible imprint on NJ-NAIOP as an organization, and on me and his fellow members personally,” said Michael G. McGuinness, NJ-NAIOP executive director. “His contributions to both the New Jersey Chapter and the National Association are legendary. Joe’s vision and trust are the foundation upon which NJ-NAIOP has grown to the prominence and position of respect it enjoys today. No one is more deserving of our Lifetime Achievement Award. Our biggest challenge will be to determine what to call the award we will give him for his next thirty years of service to NJ-NAIOP.”

Taylor has been a member of NJ-NAIOP for nearly 20 years. In 1997 and 1998, he served as the Chapter President and created the Public Affairs and Community Action Committees. Following NAIOP National’s 1999 recognition of Matrix as National Developer of the Year, Taylor became involved in the national leadership. In addition to creating committees focused on mixed-use development and membership diversification, he was National NAIOP Chairman in 2005. Currently, he serves as a Trustee on both the New Jersey and National Boards.

The New Jersey Chapter of the National Association of Industrial and Office Properties (NJ-NAIOP) is the trade association for developers, owners and investors in industrial, office and related commercial real estate. Founded in 1970, the NJ Chapter is comprised of over 400 members and offers its members business and networking opportunities, education and professional development programs, research on trends and innovations and strong legislative and public affairs representation. The New Jersey Chapter is part of the larger NAIOP organization founded in 1967, which is comprised of over 10,000 members in 48 chapters throughout North America.

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.