BALTIMORE (January 20, 2006) – After developing and successfully leasing nearly 11
million square feet of single-story, flex/office space throughout five states, St. John Properties, Inc. recognized it
was time to slightly alter its course. The company, which changed its name from MIE Properties last year, has
picked its thirty-fifth year of operation to evolve into a firm that also aggressively develops multi-story Class “A”
office buildings. Recent examples can be found at 888 Bestgate Road in Annapolis, its new corporate
headquarters in Woodlawn and One Melford Plaza in Bowie.

Designed by Robert Hoffman & Associates, One Melford Plaza is a four-story, 150,000 square
foot office building contained in St. John’s Maryland Science and Technology Center. Unlike previous St. John
buildings comprised of dark brick with rear loading capabilities, this variation features an exterior of blue ribbon
glass and brick, with virtual column-free construction on its 37,500 square foot floorplates. The centerpiece of the
building is a two-story atrium lobby, complete with original artwork adorning and accenting the mahogany
paneling and marble flooring. When 50% of this building is committed, a mirror image of One Melford Plaza
will rise in the adjacent parcel.

“Developing flex/office space remains our bread and butter product offering, but this multistory
office product opens up a new world of leasing possibilities for us,” explained Jerry Wit, the company’s
Vice President of Marketing and Leasing. “Some of our newer business communities are positioned in areas that
will attract companies operating in a wide range of industries and defense contractors – particularly in the Anne
Arundel County marketplace – have become among the most active users of office space in the region. This
multi-story product better fits their real estate needs and we are reacting accordingly,” he added.

St. John Properties has also made the corporate decision to tackle large-scale mixed-use
business communities, which combine office, retail and residential components, in some instances. A prime
example is Baltimore Crossroads @95, a 1000-acre mixed-use community in the northeast section of Baltimore
County that will feature more than five million square feet of office and industrial space and 400,000 square feet
of retail space, plus two hotels. A number of additional mixed-use or multi-story projects will be announced by
the company in the coming weeks.

“When we now look at property for potential development activity, we consider the full
spectrum of real estate product for the site, in an effort to decide the highest and best use,” Wit said. “Our multistory
product offering provides us with better options, in our effort to build space that matches the needs of endusers
and to create the most significant value for the land,” he added.

The company is presently searching for new development sites throughout the Maryland area,
including Frederick and Harford Counties, as well as the Northern Virginia region.

As of year-end 2005, the St. John Properties portfolio was comprised of approximately 10
million square feet of space locally, featured a 97% occupancy rate and included more than 1500 tenants. The
total real estate investments of the company are valued at more than $1.1 billion.

Founded in 1971 as MIE Properties, Inc., St. John Properties, Inc. owns and has developed
more than 11 million square feet of flex, warehouse, office and retail space in Maryland, Colorado, Louisiana,
Virginia and Wisconsin. For more information about the company, visit www.stjohnproperties.com.

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For additional information,

Contact: Larry Lichtenauer, Lawrence Howard & Associates, Inc.

410-833-6205