PEYTON OWEN APPOINTED PRESIDENT & COO OF THE LIGHTSTONE GROUP

One of the Country’s Largest Private Real Estate Owners Taps Former COO of Equity Office Properties Trust to Lead Company’s Operations

NEW YORK (August 1, 2007)  – The Lightstone Group, one of the 25 largest real estate companies in the industry, today announced the appointment of Peyton (Chip) Owen, Jr. as president and chief operating officer.

In this new role, Owen will be responsible for overseeing all day-to-day operations of the private company with approximately 14,000 employees and a diversified portfolio of real estate assets valued at $13 billion.

The 23-year industry veteran joins The Lightstone Group after three years as chief operating officer of Equity Office Properties Trust, based in Chicago. Acquired by The Blackstone Group in February, Equity Office was one of the country’s largest owners and managers of office properties with a national portfolio that included 543 office properties comprising of 103.1 million square feet. During his tenure, Owen drove an increase in portfolio occupancy from 86.5 percent to 92 percent and implemented the industry’s most innovative service delivery model. 

Prior to Equity Office, Owen spent almost 20 years at Chicago’s Jones Lang LaSalle, most recently as chief operating officer, Americas Region.   Charged with growing profits and driving operational efficiency, Owen led a turnaround of the Americas business between 1999 and 2003. 

“This is one of the best acquisitions we’ve made,” exclaimed David Lichtenstein, chairman and founder of The Lightstone Group.  “Owen brings an outstanding track record of leadership, innovation, and performance. We’re thrilled to have him lead our group during a time of tremendous organizational growth.”

Owen added, “I’m very excited to join The Lightstone Group, a company well known for its diverse portfolio and high profile acquisitions.  The company has also assembled an expert team of industry professionals who are the foundation of Lightstone’s continued success.  My goal is to help David harness this talent to achieve the highest levels of excellence for Lightstone and its operating entities, including Extended Stay Hotels, Prime Group Realty Trust and Prime Retail.”

Owen holds a Bachelor of Science in mechanical engineering and a Master in Business Administration from the University of Virginia.