October 30, 2002

Cobalt Capital Partners Acquires Houston Industrial Center

IRVING, TX – Cobalt Capital Partners, L.P. has acquired the Astro Business Center, a six building office/warehouse complex consisting of 203,882 sq. ft. located at 8825-9087 Knight Road in Houston’s Southeast submarket. Cobalt Capital Partners, a Dallas-based private equity firm, is an active buyer of light industrial and other commercial properties in major markets throughout the U.S.

“Astro Business Center represents our initial investment in Houston, a market in which we hope to significantly expand our presence,” said Lewis D. Friedland, Cobalt’s Managing Partner. “The project is located in one of the city’s most dynamic submarkets and contains a diverse portfolio of national, regional and local tenants. Moreover, the property’s close proximity to the Texas Medical Center and Houston’s new light rail system will provide significant long-term growth potential.”

Trammell Crow Company’s Rusty Tamlyn, Principal, Ralph Tullier, Associate and Aaron Thielhorn, Associate with the Investment Sales Division negotiated the transaction for the seller, PHL OPCO, LP.

For information on Cobalt Capital Partners or to submit an investment for review, please visit our website www.cobaltcapitalpartners.com or contact: Lewis D. Friedland, Managing Partner Cobalt Capital Partners, L.P.
5605 N. MacArthur Blvd., Suite 1100, Irving, TX 75038
Tel: (972) 893-7000 Facsimile: (972) 893-7001
E-mail: lew.friedland@cobaltcapitalpartners.com