June, 2008

PORTMAN CONSORTIUM BREAKS GROUND ON 151-STORY TOWER IN SOUTH KOREA
Building Designed by John Portman & Associates and Developed by Songdo Landmark City LLC Set to be Second Tallest in the World

ATLANTA, GA – June 2008 - Songdo Landmark City, an international consortium led by Portman Holdings, broke ground on 151 Incheon Tower—a 151-story, mixed-use development just west of Seoul—on Friday, June 20. Designed by John Portman & Associates, 151 Incheon Tower is being developed by Portman Holdings in partnership with globally renowned Samsung C&T; Corporation, Hyundai E&C; and SYM-Associates.

The 587-meter tower, which is on target to become the second-tallest skyscraper in the world after Burj Dubai in the Middle East, will be completed by 2014. A vertical mixed-use project housing offices, hotel, retail and residential components, the tower is an iconic structure that is part of the Songdo Landmark City project or Districts 6 and 8 of Songdo, a multi-use development on 5.8 million square meters of re-claimed land from the Yellow Sea.

The groundbreaking event was attended by a number of prestigious executives and elected officials, including South Korean President Lee Myung-bak who as reported by Thomson Reuters said at the ceremony, “This landmark tower will symbolize Incheon and Korea. I hope this project delivers a better standard of living and more jobs for the city and the country as a whole.”

Commenting on the building, John C. (Jack) Portman, III, vice chairman of Portman Holdings and CEO for John Portman & Associates noted, “The 151-story Incheon Tower must be more than a building, more than mere real estate. We intend for it to become the beacon of technology, the symbol of the growth, versatility and spirit that symbolizes the uniqueness of modern Korea and its intention of leading the way as the central hub of Northeastern Asia.”

Portman Founder John C. Portman, Jr., added, “The tower’s place as a gateway influenced its form in a gesture that greets the world with open arms. Expressing peace, unity and openness. Identifying Incheon and Korea to the world.”

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