P & A Associates (the "Partnership" or "P & A") is a Pennsylvania general partnership created July 1, 1977 which consists of two general partners, Alan Edward Casnoff and Peter L. Shaw. Each general partner owns a 50% interest in P & A Associates. The Partnership was initially formed as a vehicle for Shaw and Casnoff to make investments as limited partners in real estate development limited partnerships. At the time P & A was formed, both Shaw and Casnoff were significant partners in the prominent Philadelphia law firm of Saul, Ewing, Remick & Saul and, accordingly, did not have sufficient time to develop real estate projects on their own. Thus, until August of 1981, the Partnership only made limited partnership investments.

In August of 1981 the Partnership purchased its first piece of real estate for development. Following that date, until September 1, 1984, the development activities of P & A Associates so increased, that commencing September 1, 1984, Shaw and Casnoff left their law practice to devote full time to real estate development.

The development philosophy of the Partnership has been to engage in traditional real estate development activity with a small number of investors with a view toward maximizing the cash flow from a development (as well as taking advantage of whatever tax benefits may be available from the development), but not to package the developments for tax syndication or to structure the developments primarily for tax shelter benefits.

Because the Philadelphia real estate market in 1984 for newly constructed properties was overpriced, largely because of the ability to use such properties in deep shelter syndication, the Partnership began by acquiring under-utilized properties in neighborhoods on the periphery of the core business district where development was just commencing. The Partnership initially acquired old loft style industrial buildings which it converted into office properties by completely rehabilitating the buildings. Later in the 1980's, the Partnership began developing more upscale properties, which include a historic rehabilitation project at 2nd and Chestnut Streets in Philadelphia and a 19-story "A" quality high rise new construction office project at 15th and Locust Streets in Philadelphia.

In 1996, P & A Associates purchased the former Silo, Inc. corporate headquarters, warehousing and retail complex consisting of 250,000 square feet of space near the Philadelphia Airport, in 1997 a 37,000 square foot office building in Philadelphia known as the Mulberry Atrium and in 1999 a 193,000 square foot warehouse at 2045 Wheatsheaf Lane in Philadelphia. Between 2000 and the present, P & A has developed the first multi tenant project in the Navy Yard, developed the 45 story St. James apartment building and begun development on the 42 story Murano Condominiums.