Fast-Growing, Luxury Real Estate Firm Morgan Lane to Acquire Pacific Union Real Estate

Combined Companies Will Have More Than $2.2 Billion in Sales in 2009 Creating
Bay Area Real Estate Powerhouse with More than 430 Real Estate Professionals
SAN FRANCISCO--(Business Wire)--
Pacific Union GMAC Real Estate (www.pacunion.com), one of Northern California`s
leading luxury real estate brands is being acquired by the principals of Morgan
Lane Marin, Inc. (www.morganlanemarin.com), a fast-growing boutique real estate
firm with operations in Marin county. The sale is expected to close in August.

Bucking the odds in a highly volatile, recession-stymied real estate market,
Morgan Lane Marin has grown meteorically, from just $52 million in sales in 2006
to $315 million in 2008.

Combined, the two entities will have 17 offices, more than 430 real estate
professionals and 2009 sales volume projected to be $2.2 billion, according to
Mark A. McLaughlin, CEO of Morgan Lane.

The goal of the combined operations is to become the Bay Area`s leading luxury
real estate brand - an objective McLaughlin said will be achieved by retaining
and recruiting the industry`s top-producing professionals and leveraging
resources and international marketing programs of Christie`s Great Estates.

"It`s a business philosophy that has proven itself at Morgan Lane in Marin
County," said McLaughlin. "With Pacific Union`s strong reputation and platform,
coupled with Morgan Lane`s agile and entrepreneurial local management and
marketing methods, we have every reason to believe that we are well positioned
to become Northern California`s dominant luxury real estate brand."

For Pacific Union the acquisition brings the company full circle back to its
roots three decades ago, restoring it to a locally owned and operated, high-end
boutique brokerage.

"This is great news for Pacific Union, as it will now return to local
ownership," says Avram Goldman, CEO of Pacific Union. "These are two highly
regarded companies with similar cultures." Adds Goldman, "Pacific Union is
already well positioned as a leading Bay Area real estate company. By joining
forces with Morgan Lane, we have a tremendous opportunity to expand both
companies` presence and further dominate in the regions we serve."

Company officials are confident the acquisition will combine the best assets
from two of the Bay Area`s preeminent luxury brokerage firms.

"It is an amazing opportunity to expand geographically with a company that is
likeminded," said McLaughlin. "Both Pacific Union and Morgan Lane have
well-earned reputations for providing extraordinary service to home buyers and
sellers throughout Northern California. We intend to further strengthen the
organization by providing local, hands-on management with the appropriate
resources for growth," said McLaughlin.

The companies` leadership team will be led by McLaughlin, with Goldman serving
as strategic advisor for both organizations.

McLaughlin is a highly accomplished and respected real estate executive whose
experience includes senior management roles with Colliers International, Jones
Lang LaSalle, LoopNet, and Sperry Van Ness International. He, with his
experience and vision, combined with the seasoned group of Pacific Union and
Morgan Lane executives, will make up a formidable leadership team.

McLaughlin stressed that management`s job is to support its real estate
professionals in every way possible. "Our professionals have access to the
finest marketing programs including Internet and new media strategies, print
advertising and direct marketing. For our clients, it means increased exposure
of their homes for sale on a regional, national and international level, with a
greater connection to high net worth individuals and investors," said
McLaughlin.

The two companies will continue to operate under their existing names, as
independently owned and operated franchised companies within Brookfield
Residential Property Services` U.S. real estate network.

Pacific Union will continue to be managed locally by its existing team of
executives. Its thirteen offices are located in Berkeley, San Francisco (Opera
Plaza), San Francisco (Presidio), Danville, Larkspur, Mill Valley (downtown),
Mill Valley (Strawberry), Montclair, Napa Valley (Napa), Napa Valley (St.
Helena), Orinda, Sonoma and Sonoma Plaza.

Morgan Lane specializes in the marketing of luxury properties in the North Bay
area. Relying on smaller, boutique-oriented offices to better serve its luxury
clientele, the company has four offices. These include: Kentfield, Ross, Mill
Valley and Belvedere.

Terms of the purchase were not announced.

About Morgan Lane

Morgan Lane Marin (www.morganlanemarin.com) was founded in 2006, and is a
fast-growing real estate brokerage firm specializing in luxury properties in
Marin County. The company`s team philosophy and unique marketing and advertising
strategies distinctly set it apart from other real estate firms. Its real estate
professionals consistently outperform market standards by achieving the highest
average sales price and the lowest average days on market.

About Pacific Union Real Estate

Since 1975, Pacific Union Real Estate (www.pacunion.com) has thoughtfully
matched generations of buyers and sellers throughout the entire Bay Area.
Pacific Union focuses on delivering outstanding quality and unparalleled service
to a full spectrum of discerning clients. It has been an innovator in delivering
new technology applications designed to enhance the experience of both home
buyers and sellers. Pacific Union is associated with Christie`s Great Estates,
an international network of independent companies that specialize in marketing
luxury residential real estate.

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Siler & Company Public Relations for Pacific Union Real Estate
Hugh Siler, 949-646-6966
hugh@silerpr.com
or
Marsh Marketing and Public Relations for Morgan Lane
Gary Marsh, 415-453-7045
gary@marshmarketing.com
or
Marsh Marketing and Public Relations for Morgan Lane
Alison Miller, 914-589-8561
amiller@marshmarketing.com

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