Fidelity Investments Leases 78,000 Square Feet at Flagler's Deerwood North Office Park in Jacksonville

JACKSONVILLE, Fla., Aug. 31  /PRNewswire-FirstCall/ -- Flagler Development Group ("Flagler"), the commercial real estate development arm of Florida East Coast Industries, Inc. (NYSE:FLA) ("FECI"), has leased 77,919 square feet in Deerwood North, Building 400 to Fidelity Real Estate Company, LLC, a wholly owned subsidiary of Fidelity Investments.  With this lease, Building 400 will be 100 percent occupied. The Deerwood Portfolio consists of eight buildings totaling over 1,000,000 square feet of Class-A office space.

"The City of Jacksonville and Cornerstone, the economic development division of the Jacksonville Chamber, were instrumental in bringing Fidelity to Jacksonville," said Karl Hanson, Flagler's Vice President and Market Officer for North Florida.  "Flagler is very pleased to provide the real estate solution for Fidelity's entry into the Jacksonville market.  Fidelity has stated an intention to grow its Jacksonville operations at the outset of this project and Flagler is well positioned to provide Fidelity with options for future expansion or growth."

Fidelity Investments is an international provider of financial services and investment resources to both individuals and institutions.  In addition to more than 300 Fidelity mutual funds, Fidelity also offers discount brokerage services, retirement services, estate planning, wealth management, securities execution and clearance, life insurance and more.

Ross Carrier and Gary Cox represented Flagler in the transaction. Peter Crolius and Brad Chrischilles of Trammell Crow Company represented Fidelity.

Flagler Development Group (Flagler) owns, develops, leases and holds in joint ventures approximately 8.8 million square feet of Class-A office and industrial space, as well as an additional 753,000 square feet under construction. Flagler space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. In addition, Flagler provides construction, consulting, third party management (approximately 12 million square feet) and brokerage services and owns 846 acres of entitled land in Florida, which is available for development of up to an additional 16 million square feet. Flagler also owns approximately 3,158 acres of other Florida properties. For more information, visit the Company's website at http://www.flaglerdev.com/.

Florida East Coast Industries, Inc., (FECI) headquartered in St. Augustine, FL, conducts operations through Flagler Development Group (Flagler) and Florida East Coast Railway, L.L.C. (FECR).  FECI conducts its real estate operations through Flagler which owns, develops, leases and holds in joint ventures approximately 8.8 million square feet of Class-A office and industrial space, as well as an additional 753,000 square feet under construction. Flagler space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. In addition, Flagler provides construction, consulting, third party brokerage and property management (approximately 12 million square feet) services and owns 846 acres of entitled land in Florida, which is available for development of up to an additional 16 million square feet.  Flagler also owns approximately 3,158 acres of other Florida properties.  Florida East Coast Railway, L.L.C. (FECR), a subsidiary of FECI, is a regional freight railroad that operates 351 miles of mainline track from Jacksonville to Miami and provides intermodal drayage services at terminals located in Atlanta, Jacksonville, Ft. Pierce and Miami. For more information, visit the Company's website at http://www.feci.com/.

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include the Company's present expectations or beliefs concerning future events. These statements may be identified by the use of words like "plan," "expect," "see," "aim," "believe," "project," "anticipate," "intend," "estimate," "will," "should," "could," "may," and other expressions that indicate future events and trends. The Company cautions that such statements are necessarily based on certain assumptions, which are subject to risks and uncertainties that could cause actual results to materially differ from those contained in these forward-looking statements. Important factors that could cause such differences include, but are not limited to, changes in the general and local real estate market or in general economic conditions, and other risks inherent in the real estate business. Further information on these and other risk factors is included in the Company's filings with Securities and Exchange Commission, including the Company's most recently filed Forms 10-K and 10-Q. The Company assumes no obligation to update the information contained in this news release, which speaks only as of its date. 

DATASOURCE: Florida East Coast Industries, Inc.



CONTACT:  Rosemary S. Jackson, Director, Marketing and Public Relations,

of Flagler Development Group, [phone], or  



Web site:  http://www.feci.com/

http://www.flaglerdev.com/ 

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