Recently Acquired Doral Concourse Now 90 Percent Leased

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Recently Acquired Doral Concourse Now 90 Percent Leased
    JACKSONVILLE, Fla., July 22 /PRNewswire-FirstCall/ -- Flagler Development
Company ("Flagler"), the wholly owned commercial real estate development
subsidiary of Florida East Coast Industries, Inc. (NYSE: FLA) ("FECI"), has
leased 56,973 square feet of Doral Concourse, bringing the total leased space
to 90 percent, up from 66 percent when the building was acquired in February
2005.
    Wachovia Corporation leased 40,927 square feet and will occupy the fifth
floor beginning in December 2005. Humana leased 16,046 square feet and will
take occupancy in November.
    "We were confident when we purchased this Class-A building that we could
lease the balance of the space in a short amount of time," said G. John Carey,
Flagler's President.  "We have created value by adding quality tenants like
Wachovia and Humana to the building's marquee.  This building is a great
addition to our South Florida portfolio."
    Diana Parker and Maggie Kurtz of Cushman & Wakefield represented Flagler
Development Company on both lease transactions. David Preve with CRESA
Partners represented Wachovia and Allan White of Colliers South Florida, LLC
represented Humana. Stuart Gordon of Codina Realty Services will market the
balance of the building for Flagler.

    Flagler Development Company, headquartered in Jacksonville, FL, owns,
leases and manages approximately 7.3 million square feet of Class-A office and
industrial space, as well as an additional 714,000 square feet under
construction. Flagler's space consists of Class-A office and industrial
properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. In
addition, Flagler owns 750 acres of entitled land in Florida, which is
available for development of up to an additional 10.9 million square feet, and
owns approximately 2,665 acres of other Florida properties. For more
information, visit the Company's Web site at http://www.flaglerdev.com .

    Florida East Coast Industries, Inc., headquartered in St. Augustine, FL,
conducts operations through two wholly owned subsidiaries, Flagler Development
Company and Florida East Coast Railway, L.L.C. (FECR).  Flagler owns, leases
and manages 7.3 million square feet of commercial and industrial space, as
well as an additional 714,000 square feet under construction, and owns
approximately 750 acres of entitled land and approximately 2,665 acres of
additional Florida properties. FECR is a regional freight railroad that
operates 351 miles of mainline track from Jacksonville to Miami and provides
intermodal drayage services at terminals located in Atlanta, Jacksonville and
Miami. For more information, visit the Company's Web site at
http://www.feci.com .

    This news release contains "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements include the Company's present expectations or beliefs concerning
future events. These statements may be identified by the use of words like
"plan," "expect," "see," "aim," "believe," "project," "anticipate," "intend,"
"estimate," "will," "should," "could," "may" and other expressions that
indicate future events and trends. The Company cautions that such statements
are necessarily based on certain assumptions, which are subject to risks and
uncertainties that could cause actual results to materially differ from those
contained in these forward-looking statements. Important factors that could
cause such differences include, but are not limited to, changes in the general
and local real estate market or in general economic conditions, and other
risks inherent in the real estate business. Further information on these and
other risk factors is included in the Company's filings with Securities and
Exchange Commission, including the Company's most recently filed Forms 10-K
and 10-Q. The Company assumes no obligation to update the information
contained in this news release, which speaks only as of its date.
SOURCE Florida East Coast Industries, Inc.
http://www.flaglerdev.com
http://www.feci.com
CONTACT:
Rosemary S. Jackson, Director, Marketing and
Public Relations of Flagler Development Company, +1-904-565-4107