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Gyrodyne to Acquire Fairfax Medical Center for $13.2 Million
Date:2/19/2009

Purchase Continues Medical Office-Focused Strategy; First In Metro D.C. Market

FAIRFAX, Va., Feb. 19 /PRNewswire-FirstCall/ -- Gyrodyne Company of America, Inc. (Nasdaq: GYRO), a Long Island, New York-based real estate investment trust, has agreed to purchase Fairfax Medical Center, a 59,108-square-foot medical office property located at 10721 Main Street in Fairfax, Va., for approximately $13.2 million. Gyrodyne anticipates completing due diligence and closing on the purchase on or about March 31 but in no event later than April 30.

"Gyrodyne is very pleased with the acquisition of this property, which advances our medical office investment strategy," said Stephen V. Maroney, Gyrodyne's chief executive officer. "It also qualifies for tax deferral treatment under Section 1033 of the Internal Revenue Code and will get us over the finish line for investing in a tax-efficient manner within required time limits the $26 million advance payment for property condemned by the State of New York."

In 2007, Gyrodyne purchased ten buildings in the Port Jefferson Professional Park in Port Jefferson, N.Y. Last year, Gyrodyne bought Cortlandt Medical Center in Cortlandt Manor, N.Y. The Fairfax property represents the firm's first asset in the metro Washington, D.C., area.

Peter Pitsiokos, Gyrodyne's Chief Operating Officer, stated that Gyrodyne has "identified Metro D.C. as a market that is positioned to perform extremely well in the next cycle. By targeting this region, Gyrodyne has aligned itself with many other national, institutional and foreign investors who recognize the region as a strong, key venue moving forward. Additionally, this property occupies an attractive infill location, which we view as another plus in the current climate."

Fairfax Medical Center serves as home to 28 medical t
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SOURCE Gyrodyne Company of America, Inc.
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