News

WACHOVIA ANNOUNCES RELOCATION OF EWING OFFICE
TO DOWNTOWN TRENTON

WEST TRENTON, NJ - Wachovia Corporation today announced plans to relocate its regional office in Ewing Township to downtown Trenton.

Wachovia will occupy the top three floors of the 67,000 square-foot, five-story new construction building at 32 East Front Street.

"Wachovia's move to downtown Trenton aligns with our community commitment to economic development and is yet another example of our participation in the revitalization of our State Capital," said Susanne Svizeny, Southern New Jersey Regional President for Wachovia Bank. N.A. "We're extremely pleased with the new building location, its amenities and the prominent visibility of Wachovia in Trenton."

The new 10-year lease with Matrix East Front Street LLC, beginning in first quarter of 2006, will give Wachovia 43,500 square feet of office space as well as exterior signage on both East Front and Broad Streets. The company will move all of its approximately 125 employees from its current office at 370 Scotch Road in Ewing Township. Wachovia's current lease with Textron Financial Group for its Ewing office expires January 2006.

"Matrix is pleased to be building strong relationships with Wachovia and the City of Trenton. Wachovia’s lease at 32 Front Street accommodates the growth of its business in an ideal facility for its needs,” commented Russell Tepper, Vice President of Development, Matrix Development Group. “The supportive efforts of Mayor Palmer helped to bring private investment and additional jobs to the Trenton community.”

32 East Front Street also features a newly developed, adjacent parking garage, which is open to all visitors and tenants of the building, as well as to the public. In addition to the office space on the upper floors, the first floor offers up to 10,000 square feet of prime retail space with access from the street and within the building.

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with banking operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $532.4 billion, market capitalization of $73.9 billion and stockholders’ equity of $46.8 billion at September 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,138 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 702 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.

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 their website at www.matrixcompanies.com.

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WEST TRENTON, NJ - Wachovia Corporation today announced plans to relocate its regional office in Ewing Township to downtown Trenton.

Wachovia will occupy the top three floors of the 67,000 square-foot, five-story new construction building at 32 East Front Street.

"Wachovia's move to downtown Trenton aligns with our community commitment to economic development and is yet another example of our participation in the revitalization of our State Capital," said Susanne Svizeny, Southern New Jersey Regional President for Wachovia Bank. N.A. "We're extremely pleased with the new building location, its amenities and the prominent visibility of Wachovia in Trenton."

The new 10-year lease with Matrix East Front Street LLC, beginning in first quarter of 2006, will give Wachovia 43,500 square feet of office space as well as exterior signage on both East Front and Broad Streets. The company will move all of its approximately 125 employees from its current office at 370 Scotch Road in Ewing Township. Wachovia's current lease with Textron Financial Group for its Ewing office expires January 2006.

"Matrix is pleased to be building strong relationships with Wachovia and the City of Trenton. Wachovia’s lease at 32 Front Street accommodates the growth of its business in an ideal facility for its needs,” commented Russell Tepper, Vice President of Development, Matrix Development Group. “The supportive efforts of Mayor Palmer helped to bring private investment and additional jobs to the Trenton community.”

32 East Front Street also features a newly developed, adjacent parking garage, which is open to all visitors and tenants of the building, as well as to the public. In addition to the office space on the upper floors, the first floor offers up to 10,000 square feet of prime retail space with access from the street and within the building.

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with banking operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $532.4 billion, market capitalization of $73.9 billion and stockholders’ equity of $46.8 billion at September 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,138 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 702 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.

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 their website at www.matrixcompanies.com.