SELECT CLIENT LIST

FINANCIAL INSTITUTIONS

Bank One
Bank of America (Security Pacific)
Chemical Bank
Citicorp Savings
Colorado National Bank
First Bank
Norwest Bank
Sun America Life

INSURANCE COMPANIES & PENSION FUND ADVISORS

Aetna Life Insurance
AMS Life Insurance
Connecticut Mutual Life Insurance
John Alden Insurance
La Salle Partners
Lincoln National Life
Lutheran Brotherhood

INVESTMENT BANKERS/SECURITIES COMPANIES

Bankers Trust
Bear Stearns & Co., Inc.
Cohane Rafferty Securities Inc.
The First Boston Corporation
Goldman, Sachs & Co.
Kidder, Peabody & Co.
Morgan Stanley Mortgage Capital, Inc.
Nomura Asset Capital Corp.
Paine Webber Incorporated
Secured Capital Corp

PRIVATE INVESTMENT GROUPS

Carbon Mesa Advisors
The Hampstead Group
JCF Partners
Lennar
The Petchey Companies
Trammell Crow Interests
Security Capital
Songy Partners Limited
Swissco / United Development and Management
United Inns, Inc.

INTERNATIONAL ACCOUNTING FIRMS

E&Y Kenneth Leventhal Real Estate Group
KPMG Peat Marwick LLP
Price Waterhouse

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