SOURCE: Equastone

September 10, 2007 14:01 ET

Equastone Attracts Major Tenant to Newly Renovated Corporate Point at Las Colinas

SAN DIEGO, CA--(Marketwire - September 10, 2007) - Equastone, a private real estate investment firm, announced today a significant lease for the company's recently renovated Corporate Point at Las Colinas office building. Health Management Systems, Inc. (HMS), a leading provider of cost containment and program integrity services for government healthcare programs, has signed a 59,426-square-foot, five-and-a-half-year lease beginning December 2007. HMS, based in New York with 23 offices nationwide, is a wholly owned subsidiary of HMS Holdings Corp. (NASDAQ: HMSY). Equastone originally purchased this building 100 percent vacant in June 2006 and then invested $3.3 million in a capital improvement program and re-positioned the property in the marketplace. HMS is the second prominent tenant to lease in Corporate Point since the completion of Equastone's value-add program. Evonne Keene of Transwestern Commercial Services represented the tenant. Kurt Cherry from PM Realty Group represented Equastone in the deal.

Clint Harrington, Executive Vice President of Equastone, said, "Our strategy is to add value to underperforming, undervalued office buildings by repositioning, fixing and leasing to high-quality tenants. Signing HMS is a positive endorsement of the improved image and appeal of Corporate Point. As the Las Colinas submarket continues to attract new companies, Corporate Point is positioned to offer great value for tenants interested in an attractive location in a highly desirable area."

Corporate Point is a 10-story, 223,500-square-foot Class A- office building situated in Las Colinas, a rapidly growing high-tech area that has attracted many Internet and telecommunication companies. Formerly called Atrium at Highpoint, Equastone re-branded the property and contracted Staffelbach Design Associates to give the building a fresh look with cherry wood paneling, terrazzo flooring, a new lobby fountain, and enhanced lighting throughout. HMS cited the property's new upgraded appearance, expansion opportunities and ability to handle heavy parking requirements as key reasons for selecting Corporate Point.

Equastone is one of the largest commercial office owners in the Dallas/Fort Worth Metroplex with 19 office properties totaling nearly 4.3 million square feet. Recently, Equastone acquired the Greater Dallas Portfolio of 13 Class A office buildings plus 43 acres of excess developable land from Crescent Real Estate Equities on July 31, 2007.

About Equastone

Equastone currently owns 57 office and flex buildings encompassing nearly 9.1 million square feet throughout the United States and intends to acquire $1 billion of new investments this year. Equastone has offices in San Diego, Denver, Dallas and Houston, and own properties in California, Arizona, Colorado, Georgia, Louisiana, Nevada, Oregon and Texas.

Equastone is a real estate investment firm specializing in the acquisition and asset management of opportunistic and value-added real estate. Equastone manages investment capital on behalf of Equastone Real Estate Funds, which are private equity funds for high net-worth and institutional investors. For more information about Equastone, call Mykel Sprinkles at (858) 812-3261 or visit

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