Wachovia to Relocate Midlands Headquarters to Main Street Tower – Major Renovations Planned

April 1, 2008

COLUMBIA, SC – April 1, 2008 – Wachovia today announced plans to relocate its Midlands headquarters to the 14-story office tower located at 1441 Main Street.  As part of the new lease transaction, the building will undergo an extensive renovation and will be renamed the Wachovia Center.

Wachovia will be the building’s anchor tenant and will occupy approximately 70,000 square feet or four floors, of the 267,000-square-foot building. The rest of the space will be occupied by commercial tenants. Wachovia employees working in the Palmetto Center will relocate to the new building.

“This investment reflects Wachovia’s long-standing commitment to the city of Columbia and our desire to play a leading role in city center,” said Greg Lapointe, Wachovia’s Midlands market president. “We are delighted to anchor this significant corner of Main Street and to provide a refreshed and vibrant space for our employees, customers and the community at large.”

The renovation project will feature a new 5,500-square-foot financial center modeled after the sleek and modern look of the company’s newest urban branches in cities like New York and Los Angeles. Additionally, the building’s owner, an entity sponsored by but not owned by Franklin Street Properties Corp., will renovate the lobby and street-level façade.  The renovations will begin later this year and are expected to be completed in fall 2009.

“Because of partnerships and projects such as the renovation of 1441 Main Street, Wachovia and Colliers Keenan continue to create positive change in Columbia and contribute to the renaissance that Main Street is experiencing,” says Mayor Bob Coble.  “Both Wachovia and Colliers Keenan have served as past Mayor’s Corporate Citizens of the Year, and this announcement reaffirms their leadership in our community.”

“This announcement by Wachovia not only substantiates their commitment to Columbia and to Main Street, but also demonstrates the commitment of
Colliers Keenan to City Center,” said Matt Kennell, executive director of City Center Partnership. “I’ve been greatly impressed by the dedication of all parties involved to bring tenants, employees and capital to South Carolina’s Main Street.”

Built in 1988, 1441 Main Street was acquired by FSP 1441 Main Street LLC. in 2004. Colliers Keenan has conducted leasing and property management on behalf of ownership since 2006.

Wachovia, a top employer in the Midlands with more than 1,300 employees and an annual payroll in excess of $37 million, is among the largest financial services providers. The bank operates 25 financial centers in the Midlands. Wachovia is a strong corporate citizen, having contributed more than $400,000 to charitable organizations through company, foundation and employee giving in the Midlands in 2007. In addition to financial resources, Wachovia offers employees paid time off to volunteer in the community. Wachovia employees volunteered more than 5,200 hours to support the needs of the Midlands market.