The Old and the New Celebrated on Hollywood Boulevard; CIM Completes Facade Restoration of 1910 Woolworth Building

HOLLYWOOD, Calif., Nov 9, 2001 (BUSINESS WIRE) --

1910 Building is First by Hollywood Pioneer Developer C.E. Toberman

CIM Group, a leading investor/developer in urban infill and mixed-use properties, and Federal Realty Investment Trust today unveiled the restored exterior of the historic 6410 Hollywood Boulevard building, long known as the Woolworth Building for its former tenant.

Built in 1910 by C.E. Toberman, it is the oldest retail building on the street and the first commercial building by the pioneering Hollywood developer who went on to create many of Hollywood Boulevard's best known structures.

"The Woolworth Building can now reclaim its rightful place on Hollywood Boulevard," said Shaul Kuba, principal and co-founder of CIM Group. "It shares history as well as the boulevard with Hollywood's newest destination, Hollywood & Highland, that opens this week on the site of what was Toberman's last development."

Jeff Lyons, project director for CIM Group, led the restoration team that included Ira Dankberg of City Architects. The construction was done by Randy Van Ausdall of Classic Projects who has developed a specialty in the restoration of historic commercial buildings. Dankberg and Van Ausdall most recently teamed on the restoration of the Schwab Men's Store at 6356 Hollywood Boulevard.

The restoration was based on photographs of the original building supplied by Hollywood Heritage, the local preservation organization, and by Marc Wannamaker's Bison Archives. The building had been remodeled in 1954 with large ceramic tiles added to its facade and the parapet and door frame removed. When the 1954 materials were removed, the damaged remains of the existing brick were visible on the second floor.

Dankberg then created a design that incorporated all of the existing brick and recreated the facade at the first floor and the parapet using modern building materials in order to conform to current seismic requirements.

New pilasters and lintel frames the entrance to the second floor as it did in 1910. The salt glaze of the original bricks could not be produced due to current regulations so a substitute glaze was custom formulated. The storefront retains the painted F. W. Woolworth name above the entry doors.

CIM Group, the pioneering street retail developer that has been a major force in the success of several of Southern California's most popular destinations, has a long track record of restoring neglected historic commercial buildings in Santa Monica's Third Street Promenade, downtown Brea, the Gaslamp Quarter in San Diego, and Old Pasadena.

The firm has invested more than $50 million and plans to invest an additional $100 million in restoring and redeveloping five key Hollywood properties, all strategically located close to well-known landmarks and tourism magnets.

CIM's Hollywood projects include: 7021 Hollywood Boulevard, the old Galaxy retail center; 7001 Hollywood Boulevard, a former Cadillac showroom just west of Grauman's Chinese Theatre; 6922 Hollywood Boulevard, a '70s vintage office building located directly across the street from Grauman's now called "TV Guide Hollywood Center" for its primary tenant; 6410 Hollywood Boulevard; and the soon-to-be-developed Laemmle theatre and retail development at Hollywood & Cherokee.

CIM's partners in Hollywood include Federal Realty Investment Trust and the Samuel K. Eisen Trust.

CIM also is developing properties in downtown Los Angeles, Huntington Beach and San Jose.

About Federal Realty Investment Trust

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management development and re-development of high-quality retail and mixed-use properties.

The Trust owns or has interest in 56 community and neighborhood shopping centers and 96 retail and urban mixed-use properties located in strategic metropolitan markets across the United States. The Trust is nationally recognized for its main street revitalization programs, as well as the development of urban mixed-use, pedestrian-friendly communities.

Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 33 consecutive years. Shares of Federal Realty are traded on the New York Stock Exchange under the symbol FRT. Additional information about Federal Realty can be found on the Internet at www.federalrealty.com.

Safe Harbor Language

Certain matters discussed within this news release may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Federal Realty Investment Trust believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.

CONTACT: Casey Sayre & Williams Inc.
Karen Diehl, 310/458-1224
kdiehl@cswpr.com

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