FOR IMMEDIATE RELEASE
October 20, 2005

Media Contact:
Jennifer Abshire or Susan Hancock
Abshire Public Relations
912.695.7881 or 912.844.9549

North Point Signs Lease with Gulfstream Aerospace for New 100,000 Square-Foot Office Building at Crossroads Business Center

Gulfstream Research and Development Center Will Be One of the Largest Single-Tenant Office Facilities in Savannah

SAVANNAH, Ga. – Gulfstream Aerospace has signed a lease with North Point, the leading developer at Crossroads Business Center, to occupy a new 100,000 square-foot office building which is currently under construction at Crossroads Business Center.

Gulfstream is planning to relocate some 750 engineers who currently work at the company’s Savannah manufacturing facility into the new building, which will be named the Gulfstream Research and Development Center. The leading business jet manufacturer expects to occupy the building in March 2006.

“This will be one of the largest single-tenant office buildings in the Savannah area,” said Jeff Jepson, a principal with North Point, a successful residential and commercial development firm headquartered in Savannah. “We are thrilled that Gulfstream has selected our firm to build this landmark project at the Crossroads Business Center.”

North Point principals have developed more than 2.8 million square feet of office and warehouse space at Crossroads Business Center and were awarded the contract with Gulfstream after submitting a detailed proposal in a competitive bid process. The office building’s location offers easy access to the airport, the port, I-95 and Gulfstream Aerospace’s main headquarters on Gulfstream Road, which made the site particularly attractive for the company.

Crossroads Business Center is home to more than five million square feet of industrial space, headquarters operations and Savannah Technical College’s newest campus. Wal-Mart, Home Depot and Pier 1 all have major distribution centers at this popular mixed-use business park. Major companies headquartered at the site include Lummus Corporation and Friedman’s Jewelers.

“This is definitely a win/win situation for Savannah by any measure,” said Jepson. “North Point is proud to be part of this project.”

GULFSTREAM ANNOUNCEMENT

About North Point

Headquartered in Savannah, North Point is the largest developer at Crossroads Business Center, spearheading the development of 2.8 million square feet of new office and warehouse space at this a 1,700-acre office park adjacent to I-95 and the Savannah/Hilton Head International Airport. Company principals have planned and developed a wide range of office buildings, industrial warehouses and master-planned residential communities for owners and investors across the Southeast. North Point will complete over $78 million in residential and $48.5 million in commercial real estate transactions in 2005.

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