NEWS RELEASE

• The Crate and Barrel leases began in 2002 with a focus on establishing an East Coast distribution operation.
• Crate and Barrel expanded the tabletop building in Cranbury, NJ, by 275,000 square feet, for a total commitment of 950,000 SF there.
• The 1.2 MSF build-to-suit campus in Tracy, Calif., is being developed by ProLogis.¬†
   
  EAST RUTHERFORD, N.J., Feb. 25, 2009 – When Crate and Barrel takes occupancy of two northern California industrial buildings in early 2009, it will mark the completion of the company’s successful, seven-year, 3.35 million-square-foot, coast-to-coast distribution realignment. The housewares and home furnishings giant partnered with Cushman & Wakefield, Inc., which provided a range of services that ultimately resulted in six major, strategic lease transactions since 2002.
   
  Jules Nissim and Stan Danzig, industrial specialists at Cushman & Wakefield’s East Rutherford office, and Gene Spiegelman, a retail services specialist based in Manhattan, worked closely with John Ling, Crate and Barrel’s vice president of Supply Chain Management & Logistics, through the course of the assignment.
   
  “The goal was to realign and redeploy our distribution network to accommodate our changing company and our growth,” said Ling, adding that Crate and Barrel already had and still maintains a major distribution campus in Chicago.
   
  The Crate and Barrel leases began in 2002 with a focus on establishing an East Coast distribution operation. The company committed to a 675,000-square-foot, build-to-suit distribution center at the Rockefeller Group Foreign Trade Zone in Cranbury, N.J. That commitment yielded two buildings: a “furniture” building of 300,000 square feet and a 375,000-square-foot “tabletop” building for housewares distribution. Both were completed in 2004.
   
  “Crate and Barrel’s Cranbury distribution center has proven to be efficient and effective in supplying merchandise to the company’s retail stores in the eastern half of the United States,” Nissim said. “Additionally, the company has realized significant benefits of being in a Foreign Trade Zone, including the expeditious movement of goods and considerable savings in supply chain logistics.”
   
  As such, in 2007 Crate and Barrel expanded the tabletop building in Cranbury by 275,000 square feet, for a total commitment of 950,000 square feet there. Owner Rockefeller Group Development Corporation (RGDC), a subsidiary of The Rockefeller Group, completed the addition in late 2007. Nissim and Danzig also represented RGDC in the original lease and the expansion.
   
  In Lincolnton, N.C., Crate and Barrel leased a 400,000-square-foot distribution facility in 2007 and quickly increased its commitment there to 800,000 square feet. The location serves as a vendor consolidation center. In early 2008, the company leased a second, 400,000-square-foot building on the same campus. Both buildings were built to suit by The Keith Corporation.
   
  “Establishing the Lincolnton facility represented a logical inventory strategy – we hold most of our furniture merchandise there and ship based on consumer demand,” Ling noted. “Cushman & Wakefield helped us find a site and develop a modern distribution center in a part of the country that does not generally have that type of product. Today, we are located minutes from the region’s major manufacturers.”
   
  With its East Coast operations in full swing, Crate and Barrel in 2006 shifted its focus to the West Coast. Cushman & Wakefield and its strategic partner St. Onge performed a network optimization to determine the ideal location and size of a proposed Northern California distribution campus similar in nature to the Cranbury operation. Cushman & Wakefield’s structured finance team, consulting group and project management professionals also were involved in the project.
   
  The end result is a two-building, build-to-suit “campus” in Tracy, Calif. Totaling 1.2 million square feet, the buildings are being developed by ProLogis and will serve as a furniture import and distribution center (827,280 square feet) and a housewares or tabletop distribution building (398,400 square feet). Both are expandable to 1.2 million and 923,000 square feet, respectively. Crate and Barrel will take occupancy beginning in March 2009.
   
  “The West Coast project represented the culmination of Crate and Barrel’s seven-year plan,” Danzig noted. “We were very pleased to be involved not only in the site selection and lease negotiation aspect, but also the overall logistics analysis. Each of the leases had unusual facets, structures and twists. John and his team are very knowledgeable in their own right, and working with them to guide the process was a great experience.”
   
  According to Ling, the entire project has positioned his company for growth and continued competitive advantage. “This strategy has enabled us to cover the entire United States and into Canada from customer and replenishment standpoints,” he said. “We truly value working with Cushman & Wakefield. They are great partners in terms of engaging deeply enough with us that they know our business, and knowing where the resources are and how to deploy them to our benefit. It has been a very positive experience over the last few years.”

                                                                                   
Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 07073
 
Media Contact:            Evelyn Weiss Francisco / evelyn@caryl.com / (201) 796-7788
                                                                                                                                                                          Tracy, Calif.                       Cranbury, NJ