FOR IMMEDIATE RELEASE CONTACTS: Rebecca Shannon September 27, 2000 Consolidated Engineering Services, Inc. (703) 769-1350

BANK OF AMERICA AWARDS MISSION CRITICAL FACILITIES CONTRACT TO CONSOLIDATED ENGINEERING

Arlington, Va. -- Consolidated Engineering Services, an industry leader in the fast growing facilities technology services sector, was awarded a contract with Bank of America to manage and operate 26 buildings in Florida and Virginia, including 19 mission-critical facilities.

Consolidated Engineering specializes in managing and operating mission-critical facilities that are vital to their owners' business operations and financial performance. Management of such facilities requires extensive 24 x 7 monitoring, operating, and servicing of complex systems, such as three-phase power distribution systems; sophisticated uninterruptible power supplies; state-of-the-art fire and security alarms; and stringent temperature and humidity controls.

Since 1993, Consolidated's Facilities Management Services division has managed an increasing number of Bank of America's offices, processing centers, and branch banks throughout Maryland, Virginia, Delaware, and the District of Columbia. Consolidated also operates and maintains a large number of other commercial and institutional properties in the mid-Atlantic region, comprising more than 45 million square feet. These include the Ronald Reagan Building and International Trade Center, the National Academy of Sciences, the National Archives and Records Administration, Northern Virginia Community College, and the Charles E. Smith Companies residential and commercial portfolios.

Consolidated is a broad-based facilities technology services company. Along with operations and maintenance services, Consolidated and its affiliates such as Combustioneer Corporation and AAS Environmental, Inc., both of Rockville, Md., provide life-cycle support and engineering consulting for all building systems and equipment, including: Forensic Engineering Electrical Engineering Mechanical Engineering Structural Engineering HVAC Systems Installation and Servicing Plumbing Systems Installation and Servicing Electrical Systems Installation and Servicing Environmental and Safety Inspection and Management Vertical Transportation Systems Inspection and Management Landscaping/Horticulture Design, Inspection, and Management

Consolidated's Facilities Management Services division provides comprehensive facilities management services including lease administration, service call response, subcontract administration, and renovation management for corporate and institutional facility owners.

Consolidated and its affiliates employ 2,200 people who operate, maintain, or manage more than 1,000 corporate, commercial, and government buildings in 23 states.

Consolidated Engineering Services, Inc., is an affiliate of Charles E. Smith Residential Realty, Inc., a real estate investment trust (REIT) listed on the New York Stock Exchange (NYSE:SRW). Consolidated Engineering, along with other affiliates of Charles E. Smith Residential Realty, Inc., provide real estate services for owners of all types of corporate and institutional facilities. ###