Constellation Real Technologies Names CEO and Closes an Additional Round of Funding

Denver, CO - (June 15, 2001) - Constellation Real Technologies announced today the appointment of Glen Barnard as chief executive officer and the closure of an additional $25.6 million round of strategic equity financing. The eight investment participants in this financing round are leading companies from the multi-family, shopping mall, hotel and leisure, and institutional investment sectors: Archstone Communities Trust, AvalonBay Communities, Camden Property Trust, The Macerich Company, Taubman Centers Inc., Starwood Hotels & Resorts Worldwide, Stichting Pensioenfonds ABP, and Teachers Insurance and Annuity Association.

Constellation Real Technologies successfully completed its search for a chief executive officer with the hiring of Glen Barnard, formerly the president of e.KB, Inc., a division of KB Home. Mr. Barnard, 56, had been an executive vice president at KB Home responsible for the creation and execution of KB Home’s e-business strategy, including investments in early-stage companies and incubation of new e-business initiatives. Previously, Mr. Barnard managed nine operating divisions of KB Home in five states with $1.6 billion in revenues and 1,700 employees. Mr. Barnard will be based at Constellation Real Technologies’ new offices in Denver, Colorado. Bruce Karatz, chairman and CEO of KB Home, commented, “This is an exciting opportunity for Glen and Constellation. As a founding shareholder, KB Home has a keen interest in the future success of Constellation. Glen has served us very well and we are confident in the strength of his contributions to Constellation’s efforts going forward.”

“The addition of the eight new companies contributing to this new round of financing further enhances strategic dialogue among members with respect to the impact of technology on the real estate environment,” commented Douglas Crocker II, president and CEO of Equity Residential Properties Trust, and board member of Constellation Real Technologies. “Constellation has always viewed collaboration among members to be one of its most valuable assets. The addition of these prominent industry players will augment Constellation’s strategic value to both its members and investee companies.”

In addition to the announcements of a new CEO and additional funding, Constellation Real Technologies mutually agreed with CB Richard Ellis, Jones Lang LaSalle and the Trammell Crow Company, who collectively comprised one Constellation member, to their withdrawal from future capital and related governance commitments. While maintaining their existing investments in Constellation, these companies will continue their own technology-related initiatives under their existing alliance currently known as "Project Octane."

Total equity commitments in Constellation after the inclusion of new members and the withdrawal of CB Richard Ellis, Jones Lang LaSalle and Trammell Crow Company is approximately $150 million.

Constellation Real Technologies’ initial membership includes: AMB Property Corporation, Equity Office Properties Trust, Equity Residential Properties Trust, KB Home, Simon Property Group, Spieker Properties, JP Morgan Partners and Morgan Stanley, both as investor through its private equity funds, and as advisor to Constellation Real Technologies through its real estate and technology banking units.

About Constellation Real Technologies

Constellation Real Technologies is a real estate technology company that has been formed by leading companies in the real estate industry to conduct the following activities: form, incubate and sponsor real estate-related Internet, e-commerce and telecommunications enterprises; acquire interests in existing “best of breed” companies on a synergistic basis; and act as an opportunistic consolidator across property sectors in the emerging real estate technology area. In September, 2000, Constellation Real Technologies made its first direct investment of $25 million in FacilityPro.com, a business-to-business (B2B) electronic marketplace for commercial property managers and suppliers. For more information on the company visit its website at http://www.constellationrealtechnologies.com.

About AvalonBay Communities

AvalonBay currently owns or holds an ownership interest in 139 apartment communities containing 41,722 apartment homes in twelve states and the District of Columbia, of which thirteen communities are under construction and four communities are under reconstruction. AvalonBay is an equity REIT in the business of developing, redeveloping, acquiring and managing luxury apartment communities in high barrier-to-entry markets of the United States. More information on AvalonBay may be found on AvalonBay's website at http://www.avalonbay.com.

About Camden Property Trust

Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 143 properties containing 50,780 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of three properties under development, the company's portfolio will increase to 52,318 apartment homes in 146 properties. For more information, please visit Camden's website at http://www.camdenliving.com.

About Archstone Communities

Archstone Communities is a leading real estate operating company focused on the operation, development, redevelopment, acquisition and long-term ownership of apartment communities in markets and sub-markets with high barriers-to-entry throughout the United States. With a current total market capitalization of $5.8 billion, Archstone has a strategic national presence with 194 communities representing 59,650 units, including 3,807 units in its development pipeline, as of March 31, 2001, in the nation's top protected markets. For more information, visit Archstone’s website at http://www.archstonecommunities.com.

About The Macerich Company

The Macerich Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition and redevelopment of regional malls and community centers throughout the United States. The company is the sole general partner and owns a 79% ownership interest in The Macerich Partnership, L.P. Macerich now owns interests in 46 regional malls and five community centers totaling 42 million square feet. Additional information about The Macerich Company can be obtained on the company’s website at http://www.macerich.com.

About Taubman Centers, Inc.

Taubman Centers, Inc., a real estate investment trust, owns, develops, acquires and operates regional shopping centers nationally. Taubman Centers currently owns and/or manages 28 urban and suburban regional and super regional shopping centers in 12 states. Four additional centers are under construction. The Shops at Willow Bend (Plano, Texas), International Plaza (Tampa, Florida) and The Mall at Wellington Green (Palm Beach County, Florida) will open in 2001. The Mall at Millenia (Orlando, Florida) will open in 2002. Taubman Centers is headquartered in Bloomfield Hills, Michigan. For additional information, please refer to the Taubman Centers website, http://www.taubman.com.

About Stichting Pensioenfonds ABP

ABP is the pension fund for public employees in the governmental and education sectors in the Netherlands. With assets amounting to nearly 150 billion Euro at year-end 1999, ABP is one of the top three largest pension funds in the world. Its assets represent around 35% of total Dutch pension fund assets, and its client base totals some 2.2 million participants and retirees (e.g.: civil servants, education, universities, police and fireman). At year-end 1999 ABP's asset mix consisted of 52% fixed income, 40% equities, and 8% real estate. The strategic aim is to further enhance investment returns through a decrease of fixed income in favor of equities and an increase of the portfolio of long-term complex products such as: structured finance, corporate bonds, mortgage portfolios and private equity. More than 1/3 of ABP's assets is invested outside Europe. ABP’s assets are managed by ABP Investments. Its focus is on internally managed portfolios and a further international spread of the investments. ABP Investments hires external managers for specialist mandates and innovative investments. ABP's head office is in Heerlen (the Netherlands) with other offices of ABP Investments in Amsterdam and New York.

About Teachers Insurance and Annuity Association (TIAA)

TIAA is part of TIAA-CREF, a leading financial services organization with $290 billion in assets under management. TIAA-CREF is a major institutional investor, and the world's largest private retirement system. Based on its financial strength and claims-paying ability, TIAA is one of only three U.S. life insurance companies now holding Triple-A ratings from all four leading independent insurance industry rating agencies. CREF is the College Retirement Equities Fund, an open-end, diversified investment management company registered with the Securities and Exchange Commission. For more information, please visit TIAA-CREF's website at http://www.tiaa-cref.org.

About Starwood Hotels & Resorts Worldwide

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 725 properties in 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchiser of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton and W Hotels, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high-quality, vacation interval ownership resorts. More information is available from the company's website: http://www.starwood.com.

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