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Preferred Real Estate Investments Enters Agreement to Acquire Norcross, Georgia Property From OFS

Posted on: Tuesday, 4 April 2006, 09:00 CDT

CONSHOHOCKEN, Pa., and NORCROSS, Ga., April 4 /PRNewswire/ -- Preferred Real Estate Investments ("Preferred"), a major national real estate developer based in suburban Philadelphia, has entered into an agreement with OFS to purchase approximately 75 acres of the 170-acre property currently owned by OFS adjacent to Interstate 85 in Norcross, Georgia. OFS is a global leader in the manufacture of optical fiber, optical fiber cable and related products for telecommunications and other applications. The Norcross land retained by OFS will continue to serve as OFS corporate headquarters and the largest of the fiber production facilities owned by OFS.

"When we decided to sell excess land, we chose to work with Preferred based on their experience in bringing value to communities and developing land to co-exist with job-producing high-technology manufacturing operations such as ours," said Jack Murota, Chairman and CEO of OFS. "The sale of this land in Norcross will in no way disrupt our fiber production or our high level of customer service. We continue to have all the flexibility needed to expand production in the future as our customers require it."

The contract is subject to contingencies typical for transactions of this type. If the contingencies are met, closing should take place in approximately six months. Preferred intends to subdivide the 75 acres and will work in concert with local authorities to develop a plan for the property that converts it to its best and highest use.

"As we expand into the Atlanta market, this is an important benchmark for our company," said Michael G. O'Neill, Founder & CEO of Preferred. "We believe that this development will fill a hole in the local economy, creating new jobs and providing much-needed commercial redevelopment in the area. This development is the epitome of Preferred's vision-transforming overlooked, under-utilized facilities into one-of-a-kind, mixed-use properties designed to create value and economic opportunity."

About OFS

OFS is a designer, manufacturer, and supplier of leading-edge optical fiber, optical fiber cable, optical connectivity and specialty photonics products for the widest variety of applications and industries. OFS, formerly the optical fiber solutions division of Lucent Technologies Inc., has a proven track record of being first in the industry with application specific fibers, optical connectors, ribbon cables, erbium doped fibers, Raman fiber lasers and more. OFS is committed to providing customers increased value by offering products that deliver lowest cost-per-bit network solutions, protecting investments through flexible solutions for today's demanding applications. Headquartered in Norcross, GA, OFS operates facilities in Avon, Connecticut; Carrollton, Georgia; Somerset, New Jersey; and Sturbridge, Massachusetts, as well as in Denmark, Germany and Russia.

For more information, please visit http://www.ofsoptics.com/. About Preferred Real Estate Investments, Inc.

Preferred Real Estate Investments, Inc. ("Preferred"), is one of the largest privately held commercial and industrial real estate developers in the United States, controlling more than 12 million square feet of commercial real estate valued at more than $1.5 billion. Headquartered in suburban Philadelphia, with offices in New Jersey, Maryland and Massachusetts, Preferred has operations in 10 states and is an industry leader in the creative master planning and mixed-use redevelopment of large commercial sites that include historic renovations, ground-up construction, office, residential and retail development. For more information, please visit http://www.preferredrealestate.com/.

Preferred Real Estate Investments, Inc.

CONTACT: Scott Tattar, Tattar Richards-DBC, +1-215-957-0300,+1-610-721-1692 (cell), stattar@dbcommunications.net, for Preferred RealEstate Investments; or Sherry Salyer, OFS, +1-770-798-4210,+1-678-296-7034 (cell), shsalyer@ofsoptics.com

Web site: http://www.ofsoptics.com/

Web site: http://www.preferredrealestate.com/

Source: PRNewswire

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