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Stiles Corp. Announces AutoNation Headquarters Lease

Oct. 13, 2008
Nation's Largest Auto Retailer Renews Commitment to Downtown Fort Lauderdale

FORT LAUDERDALE, Fla., Oct. 13 /PRNewswire-FirstCall/ -- AutoNation (NYSE: AN) and Stiles Corp. today announced that AutoNation, the largest U.S. automotive retailer, has leased 105,000 square feet at 200 Las Olas Circle for its corporate headquarters, reflecting a continuing commitment to downtown Fort Lauderdale. AutoNation will move to Stiles' new 17-story mixed-use downtown building in mid-2009, from the nearby 110 Tower.

Stiles' new building provides both practical and intangible advantages from operating efficiencies and state-of-the-art systems, to superb finishes that reflect AutoNation's dedication to quality.

"AutoNation is proud to have been a Fort Lauderdale-based company from Day One," said Mike Jackson, Chairman and Chief Executive Officer for the auto retailing giant. "This community has supported us with its outstanding talent, its business-friendly policies, its welcoming spirit, and that special combination of factors is a leading reason why we've been able to grow as quickly and as successfully as we have. This is home for us, and we're looking forward to calling it home for many years to come."

Terry Stiles, chairman and CEO, Stiles Corp., pointed to the "multiplier effect" of AutoNation's long-term commitment, noting that the lease has a 12-year term. "With more than 300 employees based at its headquarters and with many suppliers throughout South Florida, AutoNation is an economic engine for downtown and the wider community."

The building's location just steps from the Riverwalk and midway between the Arts and Entertainment District and the Las Olas Boulevard is a significant draw for tenants. The offices provide views of the New River, Huizenga Park, and Fort Lauderdale.

The 'Old Chicago' brick architectural style is sensitive to its historic context on the exterior and allows 200 Las Olas Circle to offer a clear sense of place in downtown's historic Brickell Avenue neighborhood while offering new state-of-the-art systems on the interior.

Stiles Corp. has completed nearly 2 million square feet of space in the downtown market since 1990. 200 Las Olas Circle is its newest property in the central business district, featuring 186,516 square feet of class A office space, 17,538 square feet of ground-level retail shops near Las Olas Riverfront, as well as six levels of parking.

AutoNation will lease five floors at 200 Las Olas Circle and join Bank of Florida along with other tenants in the building. A key element in AutoNation's leasing decision included Stiles' commitment to make this a green friendly building as Stiles will be obtaining a LEED EB Certification. Also the building's hurricane-resistant glass, covered parking, energy-efficient systems and state-of-the-art security were important contributing factors. Designed for tenant flexibility, the building has efficient floor plates of approximately 21,000 square feet.

"Today, Fort Lauderdale has the elements in place for a world-class downtown - from business, government and culture, to retail and residential," said Stiles. "We are working with several large-space users who recognize the opportunities in this dynamic market." Headquartered just a few blocks from 200 Las Olas Circle, "Stiles Corporation plans to continue its active role in the downtown market," Stiles added. The company is moving ahead with design and site plan approval of its next mixed-use downtown office building. The full-service commercial real estate firm also has ownership interest in a portfolio of downtown office towers including Bank of America at Las Olas City Center, 301 Las Olas, Plaza 100 and 300 Las Olas Place.

About AutoNation, Inc.

AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer and has been named America's Most Admired Automotive Retailer by FORTUNE Magazine in five of the last seven years. A component of the Standard and Poor's 500 Index, AutoNation owns and operates 239 new vehicle franchises in 15 states. For additional information, please visit http://corp.autonation.com or www.autonation.com, where more than 80,000 vehicles are available for sale along with AutoNation's E-Vehicle program.

About Stiles Corporation

Stiles Corporation is a full-service commercial real estate development and investment company. Headquartered in Fort Lauderdale, the company has additional regional offices in Miami, Tampa, Ft. Myers, and Orlando, Florida. Stiles is responsible for more than 37 million square feet of office, industrial, retail, and mixed-use residential projects throughout the southeastern United States. For more information, please visit www.stiles.com .

SOURCE AutoNation, Inc.

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