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2700 Blankenbaker Parkway Building Fully Leased

HCA Subsidiary and Honeywell - New Tenants

LOUISVILLE, KY - June 8, 2004 - 2700 Blankenbaker Parkway, a two-story office building located in Metro Louisville's eastern Jefferson County, is now fully leased to two subsidiaries of major national companies. HCA (NYSE: HCA) National Patient Account Services (NPAS), a subsidiary of the hospital chain based in Nashville, TN, and Honeywell Security, a unit of Honeywell International, Inc. (NYSE: HON) based in Morris Township, NJ, each will occupy approximately one-half of the recently developed property.

Owned by Blankenbaker Canal Associates, LLC, the 108,000-square foot building was originally designed to house a call center operation in half of the building.

NPAS is moving into the 54,000-square foot call center space from downtown Louisville. The new location offers more space, already designed and constructed as a call center, and allows the company an additional 100 employees, increasing the total number of employees to approximately 600. Occupancy for NPAS begins in July.

"We are extremely excited about growing here as Louisville has been a good home for NPAS," says Curtis Warfield, CEO of NPAS. "We took all factors into consideration after an exhaustive search, which included staying in the Fourth Street Live Project. The new Blankenbaker property was judged best at meeting our requirements from a timing, operational, employee, and financial perspective. "This new location will also help us expand our second shift and position us for the growth we expect to achieve over the next few years. We're happy to remain an integral part of the Metro Louisville healthcare community," Warfield added.

NPAS is a financial services company that manages over 4 billion dollars in accounts receivables for the purpose of resolving patient account balances on behalf of over 190 hospitals nationwide. They have been operating in Louisville, KY for approximately 24 years and Dallas, TX for approximately 10 years.

Honeywell Security is consolidating its operations into the approximately 54,000 square-foot second half of the 2700 Blankenbaker Parkway building from multiple locations within the Louisville area and the region. The new location offers greater efficiency, an attractive setting and signage in a high profile business park location. The interior of the Honeywell portion of the building is currently being constructed to Honeywell's specifications in anticipation of a November occupancy date.

The leases were brokered by David Hardy and Nancy Dupps of CB Richard Ellis/Nicklies, as well as Phil Scherer and Phil Charmoli of Grubb & Ellis|Commercial Kentucky.

The 2700 Blankenbaker Parkway building was developed by Daedalus Real Estate Advisors, LLC, a Phoenix based commercial real estate services company that provides investment, development and communications consulting to corporate real estate clients.

For more information on National Patient Account Services, visit www.npasky.com.

For more information on Honeywell Security, visit www.honeywell.com.

For more information on Daedalus Real Estate Advisors, LLC, visit www.daedalusllc.com.

To contact CB Richard Ellis/Nicklies, call David Hardy or Nancy Dupps at 502.429.6700. To contact Grubb & Ellis|Commercial Kentucky, call Phil Scherer or Phil Charmoli at 502.589.5000.

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