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Titan Research & Development Louisville Commences Construction of a New 57,000 Square Foot Building

Posted on: Monday, 16 October 2006, 15:00 CDT

LOUISVILLE, Ky., Oct. 16 /PRNewswire/ -- Titan Research and Development Louisville, LLC ("Titan"), Congresswoman Anne Northup and Mayor Jerry Abramson broke ground today for the development of a new 57,000 square foot flex warehouse and distribution building.

The building will be located at the northeast entrance to the Airport Industrial Center and will offer Class A, state of the art space including office and industrial space, multiple loading docks, and ample on-site parking for cars and trucks. The building is designed for maximum flexibility in order to meet the needs of a wide variety of tenants, including those in the warehousing, light industrial and/or distribution industries.

"We have overcome numerous challenges unique to this property in order to commence construction on this new building," said Lawrence A. Kestin, managing principal of Glenmont Capital Management, LLC, managing partner of Titan. "Once construction commences, we know that the location and design of the new building will attract high-quality tenants desiring space in the Airport and Southside markets."

"Breaking ground for this new spec building marks another significant milestone at the Airport Industrial Center," said Congresswoman Anne Northup. "I am pleased to see further private investment at the former Naval Ordnance Station."

"Airport Industrial Center is taking an important step forward," Abramson said. "This building will help attract new tenants and provide even greater economic activity at this developing business and industrial park."

Titan has engaged the local offices of Berry-Prindle Architects and QK4 to design and engineer the building, respectively. Handling the leasing on behalf of Titan will be Kevin Grove and Tom Sims of CBRE Louisville. The building is expected to be completed no later than early Summer 2007.

Construction is expected to result in the employment of more than 50 skilled workers.

Mr. Kevin Grove of CBRE Louisville, who is charged with leasing the new building, adds, "The new building's close proximity to the airport and efficient and flexible design, present a great opportunity for tenants seeking high quality new space in a well sought after location."

The Airport Industrial Center is a 1.5 million square-foot industrial and mixed-use center, located near Louisville International Airport, all major highways (Interstates 264, 64, 65 and 71) and is home to many well known companies, including BAE Systems and Raytheon Company.

About Titan Research and Development Louisville, LLC

Titan Research and Development Louisville, LLC entered into a 99-year lease agreement with the Louisville Jefferson County Redevelopment Authority, allowing for the operation and further development of the Airport Industrial Center. Titan's principal owner is an affiliate of Glenmont Capital Management, LLC, an institutional real estate investment company headquartered in New York City.

Glenmont Capital Management, LLC

CONTACT: Rob Solomon of Gavin Anderson & Co., +1-212-515-1964,rsolomon@gavinanderson.com

Source: PRNewswire

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