THE CORPORATE EXECUTIVE BOARD SIGNS LEASE FOR TOP TWO FLOORS

WASHINGTON, D.C.—Quadrangle Development Corporation of Washington, D.C., has announced that construction will start this month on the vertical expansion of its eight-story building at 2020 K Street, N.W., in Washington, D.C. Three new structural steel floors will bring the Class-A building to 11 stories, and add 102,000 square feet of high-end office space. Hitt Contracting Inc. of Fairfax, Virginia, will serve as general contractor for the project.

Construction of the three-story addition will require close collaboration by the project team and a meticulous phasing and sequencing plan, as the building will remain fully occupied throughout the scheduled 18-month construction period. According to Robert Knopf, senior vice president of Quadrangle, “We have one of Washington’s premier development teams in place with SmithGroup architects and Hitt Contracting, and look forward to expanding the leasing opportunities at this prominent downtown address.”

The Corporate Executive Board Company (CEB) (Nasdaq: EXBD) has leased 68,000 square feet on the top two floors of the planned three-story addition, which is scheduled for completion in the summer of 2004. “The Corporate Executive Board is very excited about its new office space at 2020 K Street. The combination of great design, large open floor plates, and extraordinary views in a building owned and managed by Quadrangle—a company that CEB knows and trusts—makes 2020 K Street the perfect fit,” says Cushman & Wakefield’s Audrey Cramer, who represented the Corporate Executive Board in the deal. Mark Minich, also of Cushman & Wakefield, represented Quadrangle Development Corporation.

Based in Washington, D.C., with an office in London, The Corporate Executive Board Company is a leading provider of best practices research and analysis in the areas of corporate strategy, operations, and general management. The company serves a network of senior executives from more than 1,800 of the world’s most successful corporations, including 70% of the Fortune 500. The expanding Corporate Executive Board is headquartered at 2000 Pennsylvania Avenue, N.W., and also leases space in Quadrangle’s 1875 K Street building.

2020 K Street is located on the corner of 21st and K Streets in the heart of Washington, D.C.’s central business district. The building is close to three Metro stations, as well as the major bridges and roadways that link the city with Northern Virginia, Reagan National and Dulles Airports, and suburban Maryland. In addition to its ample on-site
amenities, 2020 K Street is also just a short walk from historic Georgetown, numerous high-end hotels, and many of the District of Columbia’s top-rated restaurants and cultural attractions.

Designed by the SmithGroup, one of Washinton, D.C.’s preeminent architecture firms, the new three-story addition features large 34,000-square-foot floor plates, floor-to-ceiling windows, expansive urban views, and some of the highest ceilings in the District of Columbia. An articulated cornice will cap the new façade, giving 2020 K Street a visible new identity. SmithGroup also designed a major renovation of the original eight-story building, which was completed in 1995.

The Cushman & Wakefield team of Mark Minich and Audrey Cramer serves as the leasing agent for the expansion of 2020 K Street.

Headquartered in Washington, D.C., Quadrangle Development Corporation is one of the Washington metro area’s largest and most reputable developers. For over 30 years, Quadrangle has built or acquired 62 buildings aggregating more than 10 million square feet at a cost of $3 billion. In addition to 2020 K Street, N.W., other notable buildings owned by the company include Washington Center and 1875 K Street, N.W., in Washington, D.C.; Bethesda Towers in Bethesda, Maryland; and 8300 Greensboro Drive in Tysons Corner, Virginia. Additional information about Quadrangle Development and 2020 K Street can be found at www.quadrangledevcorp.com and www.2020kstreet.com.