Waterton Residential Launches Presidential Towers Redevelopment

Fitness Formula Clubs and Yolk First to Sign on to New Retail Space

CHICAGO, Nov. 3 /PRNewswire/ -- Waterton Residential launches the
redevelopment of Presidential Towers, the impossible-to-miss visual landmark
in the Chicago skyline. The redevelopment will include updating the look and
feel of the main lobby as well as the retail space. Fitness Formula Clubs and
Yolk restaurant are the first new leases of the retail redevelopment, which is
scheduled to break ground in early November.

Presidential Towers is currently home to several casual dining and fast food
restaurants, a gourmet market and deli, a dry cleaner and other retail
amenities. Waterton Residential acquired the property in 2007 and is committed
to providing an exceptional rental living experience for its residents.

"Because there are so many convenient amenities inside Presidential Towers, it
has long been referred to as the 'city within a city,'" explains Phyllis
Kempton, Community Manager, Presidential Towers. "Waterton is taking this idea
to the next level by bringing a higher caliber of retail amenities to our
residents and West Loop neighbors alike."

The existing fitness facilities at Presidential Towers will be replaced by
Fitness Formula Clubs, one of Chicago's most upscale health and fitness clubs.
Upon completion, the new club will expand to 52,000 sq. ft. on two levels and
will feature a dramatic new, street-level, 3 story glass enclosed atrium
entry, an indoor swimming pool and whirlpool with atrium ceiling, an outdoor
swimming pool and sundeck, an FFC Spa, Juice Bar Cafe and much more.

Presidential Towers will also be home to Chicago's third Yolk restaurant,
planned for a street-level space along the Clinton Street facade. Locally
owned and operated, Yolk specializes in new and creative cuisine for breakfast
and lunch. Currently, Yolk has locations in the South Loop and River North.

"The current phase of construction now underway is part of a 10-year
renovation plan for this premier property," says Peter Vilm, Co-Founder of
Waterton Residential. "This phase is designed to open up our retail facilities
to the growing West Loop day and nighttime population, while providing our
residents with best in class reception and common area amenities. While all
will see dramatic improvements from our current activities, our residents can
expect improvements in services, finishes and lifestyle enhancements to
continue 'behind the scenes' for many years to come."

Retail spaces available for Fall 2010 opening being offered by CB Richard
Ellis, www.cbre.com/TheShopsAtPT. For more information contact Leslie Mader,
312.935.1972, leslie.mader@cbre.com.

About Waterton Residential
Waterton Residential is an affiliate of Waterton Associates L.L.C., a
Chicago-based real estate private equity firm. Waterton owns and manages
approximately 16,000 units nationwide. Since its inception in 1995, the firm
has invested over $3 billion in 110 communities through joint ventures with
major financial institutions, investment banks and pension funds. Employing
over 440 individuals, Waterton is a vertically integrated company specializing
in acquiring and managing multifamily properties to which it can add value
through repositioning and renovation. For more information, please visit
www.watertonresidential.com.

SOURCE Waterton Residential

Sarah Katz of Capitalist, Inc., +1-312-376-1024,
sarah.katz@capitalistagency.com, for Waterton Residential