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For Immediate Release April 1998

$3.6M Sale Closes From Real EstateCyberspace Society Seminar

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Peter N. Herring, CCIM, President of Addison-Herring, Inc. in Upper Marlboro, Maryland has announced the completion of a unique CyberSpace sale. Herring, a Charter member of the Real Estate CyberSpace Society, represented the seller in this $3,600,000 transaction which was initiated during his participation in a one day seminar sponsored by the Maryland/Washington, DC Chapter of the Commercial Real Estate Institute and conducted by the Real Estate CyberSpace Society.

 At 10:15am Herring and Jack Peckham of the Society sent a message out on the Internet regarding the availability of the 44,926 square foot free standing office building in Richmond, VA net leased to a major regional Bank. The message went out instantly to 10,000 commercial real estate brokers and investors. At 3:30pm that afternoon Herring had received 16 responses from fellow CCIMs around the country. From this pool of potential buyers and those that followed in the days following the initial Internet promotion, Herring commenced negotiations with fellow Society member David Gilbert CCIM of Pottstown, PA (who represented the REIT buyer) which resulted in the consummation of this sale to The Liberty Property Trust

Peckham, who conducts the Society's CyberSpace training sessions worldwide said that a marketing promotion of this magnitude conducted conventionally would have taken at least 3 weeks to complete and cost about 6 thousand dollars. He concluded that the instant communication of the information on the availability of this property accommodated on the Internet was completed in less that 10 minutes and at no cost. He added that several sales have resulted directly from the Society Seminars "Selling Real Estate in CyberSpace".

Herring, a past President of the Maryland/Washington, DC CCIM Chapter, holds two professional designations which qualify him well for CyberSpace Commercial Investment Property marketing. He is a CCIM (Certified Commercial Investment Member, of the Commercial Investment Institute) and a Charter member of the Real Estate CyberSpace Society holding it's RECS (Real Estate CyberSpace Specialist) Designation. Gilbert is a CCIM (Certified Commercial Investment Member, of the Commercial Investment Institute) and a Charter member of the Real Estate CyberSpace Society.

Herring and Gilbert donated a portion of the commission from this sale to the Maryland/Washington, DC CCIM Chapter to be used for further development of the Chapter's Internet Web site.

For Further information or interviews:

John M. Peckham III
Executive Director
Real Estate CyberSpace Society
Four Longfellow Place, Suite 2408
Boston, MA 02114
Phone: 617-523-4440 Fax: 617-523-4736