THE LIGHTSTONE GROUP PURCHASES 110,000 SF BUILDING
IN LAKEWOOD, NJ

Building to Become Lightstone Group's
New Jersey Operations Support Center

LAKEWOOD, N.J. (February 27, 2008) The Lightstone Group today announced that it purchased a single-story, 110,499-square-foot office/warehouse building at 1985 Cedar Bridge Avenue in Lakewood, N.J.

Situated on 11 acres, the building will become the new home of The Lightstone Group's New Jersey Operations Support Center, including its commercial and residential property management, accounting, financial support and lease administration functions.

Purchased from Jesel Valvetrain Innovation, a leading-edge manufacturer of innovative automotive race-driven systems, The Lightstone Group plans to occupy 30,000 square feet of the building during the summer of 2008. As one of the largest private real estate owners in the country, the company will be moving from its present Lakewood location at 326 Third Street. Jesel has leased back approximately 68,000 square feet and The Lightstone Group plans to lease the remaining 10,000 square feet.

"The building became available at a time when were contemporaneously searching for a new facility for our New Jersey operations support center," said David Lichtenstein, chairman and CEO of The Lightstone Group. "Our roots come from Lakewood and our operations expansion here is a testimony to the superior quality of the local workforce. Without a doubt, one of our great competitive advantages is the fabulous employees from the Lakewood area."

PG Waxman, president of Waxman Realty, who represented The Lightstone Group in the transaction, added, "For industry leading organizations such as The Lightstone Group and Jesel, this is the perfect location. In addition to its beautiful brick facade, the building is superbly located adjacent to the Garden State Parkway, in close proximity to the Route 70 corridor, and across the street from the Lakewood Airport."

To learn about leasing opportunities at 1985 Cedar Bridge Avenue, please contact Akiva Elazary at 732-367-0129, ext. 403, or akiva@lightstonegroup.com.