Assignment Indicative of PM Realty Group's Expertise in Servicing Large
                              Client Portfolios


    HOUSTON, Jan. 18 /PRNewswire/ -- In one of the largest real estate
assignments of 1998, PM Realty Group today announced that it has been awarded
the exclusive national portfolio management assignment for a 28-property,
multi-product portfolio spanning 3,850,000 square feet.
    Awarded by PHL-OPCO L.P., the portfolio consists of office, retail and
industrial properties located in Kentucky, Maryland, Ohio, Texas, Florida,
Georgia, North Carolina, Kansas and California.
    According to Rick Kirk, President of PM Realty Group, "This assignment
represents a significant validation of our strategic plan and commitment to
providing a full spectrum of real estate services.  The awarding of this
assignment is a result of the endeavors of every division of the company."
    Jimmy Gunn, Executive Vice President of PM Realty Group's Property
Services division, states that the firm was ideally suited for this assignment
due to its infrastructure and experience in transitioning large,
geographically dispersed portfolios.
    "In addition to our national presence and reputation for performance, we
have the local market knowledge, relationships and presence to quickly staff
and transition this portfolio," said Gunn.  "Through the application of
state-of-the-art technologies, proven transition programs and management
procedures, we will be able to address portfolio needs on both a national and
local market level."
    Gunn also noted that PM Realty Group provided an array of valuation and
consulting services to the buyer for this assignment.

    About PM Realty Group
    PM Realty Group specializes in the management and leasing of office,
industrial, retail and special-use portfolios for clients including
corporations, institutions, healthcare providers, REITs and other types of
real estate investors.  The company offers a full spectrum of real estate
services including property management, leasing, corporate services,
facilities management, investment brokerage and construction management.
    Founded in 1954, PM Realty Group has divisional offices in Houston,
Chicago, Los Angeles and Denver.  It conducts business in nearly all 50 states
and maintains regional offices in Houston, New York City, Chicago, Los
Angeles, Newport Beach, Dallas, Seattle, Phoenix, Detroit, Orlando, Atlanta,
Denver, San Diego, San Francisco, and Honolulu.

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