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Carter names Bob Peterson chairman
Veteran developer and company CEO replaces Billy Mitchell

Media Contact:
Kerri Taylor

ATLANTA - December 10, 2004 - Carter today said Bob Peterson, company CEO and experienced developer and real estate financier, is succeeding Billy Mitchell as chairman of the Atlanta-based commercial real estate firm.

Mitchell, who became an Atlanta real estate icon during his tenure as top executive of Carter, has been named chairman emeritus of Carter. Also, as part of the transition, Scott Taylor, executive vice president and chief operating officer, has been promoted to president.

The changes are effective immediately.

"This is a natural transition and leaves Carter well-positioned to take advantage of the commercial real estate market as it begins to rebound," Mitchell said. "Carter is in very capable hands with Bob at the helm."

Peterson, who joined Carter as executive vice president of brokerage and corporate services in May 2001, has more than 28 years of experience in commercial real estate. In October 2002, Peterson replaced Mitchell as CEO of Carter and Mitchell was named chairman.

Peterson and Taylor will continue to work closely with Trent Germano, executive vice president of development, and Jim Shelton, executive vice president of investments, and the rest of the executive team to focus on creating value through relationships. Carter's four business units are investments, development, transaction services and property management.

Under Peterson's leadership, Carter has ramped up its investments division while fortifying the other three divisions. Carter recently closed its first investment fund, The Carter Fund, which currently is acquiring properties across the Southeast. The Carter Fund also will invest in new developments such as its proposed Peachtree Road Townhomes project on Peachtree Road in Atlanta's Buckhead community.

Carter ranks as the 12th largest office developer and 24th largest industrial developer in the country, according to National Real Estate Investor magazine.

Germano, who leads Carter's development business, said Peterson will continue Carter's proud heritage of capable chairmen who are committed to the company and the community.

"Bob's proven leadership ability will serve Carter well. He is a successful developer with extraordinary connections to the capital markets as well as an effective strategic-minded leader," Germano said. "He will build on the legacy of Billy Mitchell, Frank Carter and others to ensure that Carter remains one of the pre-eminent real estate firms in the country."

Peterson made his initial mark on Atlanta real estate with Peterson Properties, a full-service real estate firm that developed more than 4 million square feet of office and industrial space and participated in more than $1 billion in investment transactions.

In 1996, CarrAmerica Realty Corp. (NYSE: CRE) acquired Peterson Properties to gain entry into the Atlanta market. Peterson served as president of CarrAmerica Development Inc. and on the real estate investment trust's investment and operating committees. While Peterson was at CarrAmerica, the company acquired and developed $1.5 billion worth of office properties in the United States.

Taylor joined Carter in 2003 from Holder Properties, where he served as president. While at Holder, Taylor was involved in the development of more than 7 million square feet of space valued at more than $850 million.

"Scott is unique in that he combines the talents of strong relationship skills, great intuition about real estate and a disciplined approach to execution," Peterson said. "Scott is a fierce competitor who wins by helping others win."

Like Peterson, Taylor has strong client relationships that allow him to source and create new opportunities.

About Carter
Founded in 1958, Carter is Atlanta's oldest and largest privately held commercial real estate firm. Carter provides a diverse range of commercial real estate services, including investments, development, transaction services, and property management to real estate users and investors.

In addition to its Atlanta headquarters, Carter maintains offices in Birmingham, Ala., Jacksonville, Fla., Orlando, Fla., Raleigh, N.C., and Tampa, Fla. National and international services are provided through Carter's ownership in ONCOR International. For additional information on Carter, please contact Kerri Taylor, at 404.888.3241.