Flagler Begins Construction on Beacon Lakes Building 7 in South Florida

JACKSONVILLE, Fla., Sept. 6  /PRNewswire-FirstCall/ -- Flagler Development Group ("Flagler"), the wholly owned commercial real estate development subsidiary of Florida East Coast Industries, Inc. (NYSE:FLA) ("FECI") and AMB Property Corporation (NYSE:AMB), a leading global industrial real estate company, commenced construction on Beacon Lakes Building 7 in Miami in August 2006. The building will be a 192,476 square foot warehouse/distribution building situated on a 9.71-acre site in Beacon Lakes.  Beacon Lakes is a joint venture project between Flagler and AMB Property Corporation.

"We have already leased more than 90 percent of the existing buildings in the park," said Rafael Romero, Project Director. "The industrial market in this area is strong and the demand for space continues to grow."

Beacon Lakes, located west of Miami International Airport and northwest of the intersection of State Road 836 and the Florida Turnpike, is a master planned 480-acre business park located in Miami's Airport West market. The project comprises over 6.6 million square feet of industrial use with a full complement of office, retail and service elements to support the business park.

"Beacon Lakes is on one of the last major parcels of undeveloped land in Miami, and provides direct access to the Miami International Airport and the Florida Turnpike, essential to firms moving goods through the global supply chain.  Miami-Dade County remains a gateway to Latin America and a principal Customs entry/exit point for the United States," said Jay Cornforth, Managing Director of AMB's East Region. "Given Beacon Lakes' ideal location and distinctive architecture, we look forward to its continued development and being able to offer our customers state-of-the-art facility space in one of the country's strongest industrial markets."

The leasing agent for the property is David C. Albert, SIOR, Vice President of Codina Realty Services. More details on this property can be found at beacon-lakes.com.

Florida East Coast Industries, Inc., headquartered in St. Augustine, FL, conducts operations through two distinct businesses, Flagler Development Group (Flagler), its commercial real estate operation, and Florida East Coast Railway, L.L.C. (FECR). 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 brokerage and 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 and Flagler owns approximately 3,158 acres of other Florida properties. FECR 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, Ft. Lauderdale and Miami. For more information, visit the Company's Web site at http://www.feci.com/ .

AMB Property Corporation(R). Local partner to global trade.(tm)

AMB Property Corporation(R) is a leading owner and operator of industrial real estate, focused on major hub and gateway distribution markets throughout North America, Europe and Asia. As of June 30, 2006, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 122 million square feet (11 million square meters) and 1,094 buildings in 41 markets within eleven countries. AMB invests in properties located predominantly in the infill submarkets of its targeted markets. The company's portfolio is comprised of High Throughput Distribution(R) facilities- industrial properties built for speed and located near airports, seaports and ground transportation systems.

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://beacon-lakes.com/ 

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