Contact: Keith Britt
Thompson & Co.
or Andrew J. Groveman
Belz Enterprises

Equitable Opens Office at Peabody Place

MEMPHIS, Tenn. (December 10, 1997) - Equitable, a member of the Global AXA Group, will open its new Mid-South headquarters Wednesday, December 17, 1997, as the company relocates to Pembroke Square at Peabody Place in Downtown Memphis. Due to tremendous growth over the past nine years, Equitable has outgrown its current location in the Crescent Center at 6075 Poplar Ave., in East Memphis. The company is enlarging its office space from 8,000 square feet in the Crescent Center to 11,000 square feet at Pembroke Square.

After the relocation takes place, Equitable will continue to maintain its 12 satellite offices located throughout the Mid-South.

"Equitable, along with its subsidiaries, Donaldson, Lufkin and Jenrette and Alliance and Pershing, is a full-service financial organization. We are a regional center that serves Arkansas, North Mississippi and West Tennessee, and Peabody Place is a great strategic location for us," says John Murphy, general manager, Equitable's Mid-South office. "I am convinced that Downtown Memphis is the place to be. The growth and vision for the future of downtown is remarkable. Memphis is truly a beautiful city and we are proud to be joining with others in recognizing what Downtown Memphis has to offer."

Equitable is the first major office tenant to move into the recently renovated Pembroke Square at 113 S. Main Street. Pembroke Square, the former Goldsmith's building, is surrounded by other historically significant buildings such as the Majestic Theatre and The Gayoso Hotel, as well as The Tower at Peabody Place.

"We are thrilled to have a major financial services company such as Equitable relocating to Peabody Place. Large corporations like Equitable are aiding in the revitalization of Downtown by adding strength to the corporate base of downtown businesses," says Andrew J. Groveman, senior vice president of marketing and administration, Belz Enterprises.

The revitalization of Downtown is sparking a new trend for businesses to move back Downtown. Equitable is joined by other businesses such as Belz Enterprises, JMGR Architects, Arthur Andersen, Progressive Capital, CB Commercial/Interstate Realty Corporation, Less Getz & Lipman and Harkavy Shainberg Kosten & Pinstein who have also relocated to Peabody Place. Upon completion, the eight-block district of Peabody Place will offer an eclectic mix of retail, entertainment, restaurants, residential communities and businesses unique to the Memphis area.

Belz Enterprises is a leading innovator in real estate development with interests throughout the South and much of the country. Belz develops, owns and manages over 25 million square feet of industrial/warehouse/distribution centers, shopping centers, office buildings, mixed-use centers and corporate campuses. The company also owns a group of premier hotels, including the Peabody Hotels in Memphis and Orlando.