PM Realty Group Affirms Commitment to Hawaii Market;
                     Local Expertise to Remain in Place;
 National Backing of Full-Service Parent to Provide Added Depth of Resources

    HONOLULU, July 12 /PRNewswire/ -- PM Realty Group today announced its
wholly-owned subsidiary, BetaWest Ltd., will officially change its name to PM
Realty Group in the state of Hawaii on August 2, 1999.  PM Realty Group
acquired BetaWest in 1995 to greatly expand its geographic coverage and the
types of real estate services available to its clients.
    BetaWest began providing clients real estate services in Hawaii in 1986
with the development and subsequent management of the City Financial Tower and
Alii Place in Honolulu.  Today the company's management portfolio includes
approximately 1.5 million square feet of office and retail properties
throughout the state.
    "We have been referring to ourselves informally as 'BetaWest/PM Realty
Group' for some time now and thought it was time to make the name change
official," says Toni Cofran, Vice President of Hawaii Operations for PM Realty
Group.  "Our clients will continue to benefit from the expertise of our
seasoned team of real estate professionals while being able to leverage the
national resources of a full-service commercial real estate provider like PM
Realty Group."
    Jim Proehl, Senior Vice President and Director of PM Realty Group's
Western Division, continued:  "We are committed to serving the commercial real
estate needs of the Hawaiian market.  We are very enthusiastic about our
ability to deliver a broad range of real estate solutions to our current and
future clients in Hawaii," said Proehl.
    Among PM Realty Group's institutional clients with interests in Hawaii
are:  The Hawaii State Employees Retirement System, CIGNA, The Bristol Group
and MONY.  The firm also represents a variety of local investors.
    In addition to developing and managing Alii Place (316,000 office and
retail complex) and City Financial Tower (180,000-square-foot office
building), the company presently manages the 677 Ala Moana Building
(225,000-square-foot office building), 1221 Kapiolani (140,000-square-foot
office and retail building) and Kaimuki Plaza (62,000-square-foot office
building) in Honolulu; Kona Coast Shopping Center (88,000-square-foot retail
complex) in Kailua-Kona; and Wai'anai Mall (175,000-square-foot retail center)
in Wai'anae.

    Local Expertise Remains in Place
    PM Realty Group-Hawaii will maintain its significant local market
expertise through the following key executives, who together possess more than
75 years of commercial real estate experience in Hawaii:

    -- Toni Cofran, RPA
       As Vice President of Hawaii Operations for PM Realty Group, Cofran
       oversees the company's portfolio that consists of over 1.5 million
       square feet of combined office and retail properties.

    -- Paula K. Orr, CPM
       As a Senior Property Manager, Orr brings more than twenty years
       commercial, retail and industrial real estate experience to her current
       position.  She currently is responsible for the management of 280,000
       square feet of combined office and retail space at the City Financial
       Tower, as well as an 87,000-square-foot retail center in Kailua-Kona.

    -- John C. Paulachak, CFM, FMA, CPM, RPA
       Paulachak is a Senior Property Manager with 20 years experience in the
       Hawaii facilities and real estate market and currently manages the 677
       Ala Moana property, a 225,000-square-foot office building in Honolulu.

    -- Irene Kobashigawa
       Kobashigawa has more than 20 years experience in property management
       and leasing and currently serves as the property manager of Alii Place
       in downtown Honolulu, where she received BOMA-Hawaii's Building of the
       Year Award four times and the Hale Po'okela (House of Excellence) Award
       in 1995, 1996 and 1999.

    About PM Realty Group
    Founded in 1954, PM Realty Group offers the full spectrum of real estate
services, including property management, leasing, corporate services,
facilities management, asset management and development and construction
management.  With divisional offices in Houston, Chicago and Newport Beach,
California, the firm conducts business in nearly all of the 50 states and
maintains regional offices in Honolulu, Los Angeles, Orlando, Phoenix, San
Francisco, Atlanta, New York City, Detroit, Dallas, Seattle, Cincinnati,
Denver, and Washington, D.C.

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