St. John Properties Completes Construction of Final Building at Quarterfield Center

BALTIMORE (May 7, 2008) – St. John Properties, Inc. has completed construction of the final
building at Quarterfield Center, an 18-acre business community that consists of six office and retail buildings
totaling approximately 180,000 square feet of space. The final project in the Park, which is situated near the
intersection of MD Route 174 (Quarterfield Road) and Interstate 97 in Anne Arundel County, is 810 Landmark
Drive, a two-story, 51,000 square foot Class “A” office building.

Quarterfield Center, which was originally started in 2002, is cumulatively 91% leased to office
tenants that include Long & Foster, Nationwide Insurance and World Gym. A variety of retail users that service
the Park’s office tenants, as well as the adjacent residential subdivisions, are contained in a 7200 square foot freestanding
building that is located at the intersection of Landmark Drive and Quarterfield Road. St. John
Properties, a full-service commercial real estate company headquartered in Baltimore, currently owns or is
developing twelve separate projects in the Anne Arundel County marketplace totaling more than four million
square feet of space.

810 Landmark Drive is the second two-story office building to be constructed in Quarterfield
Center and joins three one-story projects consisting of approximately 60,000 square feet of space. Two of the five
buildings have been designed to suit the customized needs of the medical industry. Suite sizes beginning at 1275
square feet of space are currently available in 810 Landmark Drive, a building that offers both first floor and
second floor entrance points for the office users. Free, surface parking, at the rate of five spaces per 1000 square
feet of space, is available adjacent to the building.

Quarterfield Center is positioned in western Anne Arundel County and is approximately two
miles from BWI Airport, eight miles from downtown Baltimore and fifteen miles from Annapolis.

“Quarterfield Center has attracted a wide diversity of tenants including users from the financial
services, medical and healthcare and business consultation industries and we are experiencing strong leasing
interest in the final building,” stated Jerry Wit, Senior Vice President – Marketing for St. John Properties, Inc.
“The common denominator among these companies is the desire to have direct access to several major highways
and a major airport, combined with the ability to service major metropolitan markets from a central spot. Activity
remains extremely strong for our entire Anne Arundel County office portfolio, across the board,” he added.

“The unique architectural feature that provides entrances to tenants on both the ground level and
the upper floor has been a significant selling point for both this building and 808 Landmark Drive,” Wit said.

For the third year in a row, St. John Properties has developed more than one million square feet
of new space in the local market. As of year-end 2007, the St. John Properties portfolio was 97% leased and
included more than 1500 tenants. The total real estate investments of the company are valued at more than $1.1

Founded in 1971, St. John Properties, Inc. owns and has developed more than 13 million square
feet of research and development/flex, warehouse, office and retail space in Maryland, Colorado, Louisiana,
Virginia, Wisconsin and Delaware. For more information about the company, visit

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For additional information,

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