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ABAQUS to Anchor Rising Sun Mills - January 5, 2004

ABAQUS, Inc., a leading developer of engineering simulation software, today announced that it will be the lead tenant at Rising Sun Mills, a 313,000 square foot former textile mill on Valley Street in Providence. ABAQUS, whose customers include Boeing, Toshiba, and BMW, will consolidate its Rhode Island workforce in 72,000 square feet in six buildings on the north side of the complex. The company plans to occupy its new home in fall 2004.

“Rising Sun Mills offered ABAQUS a unique opportunity to consolidate our headquarters in a custom office environment that has expansion capability,” said Mark Goldstein, ABAQUS President & CEO. “ABAQUS is a world leader in our market, with a staff of creative, productive and inspired professionals. Rising Sun Mills will be a 21st century workplace where our employees will thrive.”

Rising Sun Mills, a co-development of Struever Bros. Eccles & Rouse, Inc. and The Armory Revival Company, is a major mill revitalization project on Valley Street two miles from downtown Providence. It sits on the south end of the city’s emerging Promenade District, which extends from Providence Place to Olneyville Square. The development is a key piece of Providence’s plan to redevelop culturally and historically significant mill buildings in order to lure and retain growing “creative economy” firms and bring a diverse mix of uses and 24-hour activity to city neighborhoods.

“It took a visit to Baltimore and seeing the transformative nature of the two million square feet of space that Struever has built along the waterfront to galvanize the opportunity that Rising Sun offered to ABAQUS,” said Alden Anderson of CB Richard Ellis, ABAQUS’ real estate leasing agent. “Talking with Struever’s office tenants in Baltimore we saw first hand how this large-scale mill redevelopment could trigger major reinvestment in the community that surrounds it.”

“ABAQUS’ decision to consolidate its operations and relocate to Rising Sun Mills is a great vote of confidence in Providence and the State of Rhode Island,” said Mayor David Cicilline. “The Mill District legislation the City put in place two years ago recognized that letting mill buildings burn down or fall down through neglect is a missed opportunity. These old industrial complexes that once employed thousands offer tremendous potential for creative redevelopment. ABAQUS’ decision to relocate to Rising Sun Mills shows how these historic buildings can once again be the economic engines of our City’s neighborhoods.”

Architectural plans for the new headquarters make the most of the large open spaces and natural light that are typical in mill buildings. A three-story glass atrium designed by the Boston firm Bergmeyer Associates will link the six mill buildings together and provide a new entrance and reception area. On-site amenities such as a fitness center, conference center, and café will also be provided. Employees also plan to take advantage of nearby restaurants and shopping as well as the seven-mile Northwest Bike Path now under construction that will connect Rising Sun to downtown to the east and Johnston to the west.

About ABAQUS, Inc.

ABAQUS, Inc. develops advanced software for finite element analysis. The world’s leading engineering organizations depend on ABAQUS software and services to improve products and processes, drive innovation, shorten design cycles and reduce or eliminate hardware testing. The company was founded in 1978 and now employs over 350 people in more than 30 offices and representative locations worldwide.

About Rising Sun Mills

Struever Bros. Eccles & Rouse, Inc. and The Armory Revival Company are renovating the 313,000-square foot National and Providence Worsted Mills, one of Rhode Island's most significant and best preserved mill complexes located on the Woonasquatucket River two miles from the heart of Providence's downtown. Dating from 1887, the complex will offer one and two bedroom loft apartments and 125,000 square feet of commercial space and a café. Named after the original 1795 mill on the site, the $53 million Rising Sun Mills project, now under construction will open in the summer of 2004.

About Struever Bros. Eccles & Rouse

Established in 1974, Baltimore City-based Struever Bros. Eccles & Rouse, Inc. (SBE&R) has a long-standing and prestigious record of success as a unique urban development and construction company. Known for conquering challenging locations as a multi-role developer, builder and construction manager, the firm has an intentional focus on waterfront transformation, historic adaptive reuse and urban in-fill, mixed-use projects. To date, SBE&R has developed more than 5 million square feet of commercial, residential, and retail space for some of the nation’s leading companies including Under Armour Sports Apparel, Ayers Saint Gross Architects, Johns Hopkins and Phillips Foods and Seafoods Restaurants.

About The Armory Revival Company

The Armory Revival Company (TARC) is an award-winning, 17-year old development and property management firm specializing in residential development in the State of Rhode Island, having developed and built approximately 410 residences and 40,000 square feet retail. Founded in 1986, TARC is known for its work in historic preservation and adaptive reuse of older buildings, earning a national reputation for high quality and imaginative real estate development.