Arden Realty Acquires 1.43 Million SF in Silicon Valley

Purchase of 26 Assets Continues Ardens Expansion into Northern California

LOS ANGELES--()--Arden officials announced today that they have completed the purchase of 26 assets in Silicon Valley in three separate transactions. Arden purchased two portfolios from an investor portfolio advised by the US real estate business of UBS Global Asset Management and in a separate transaction, acquired assets from MS/FC Crossman LLC and MF/FC SV 1, LLC. The properties are located in Sunnyvale, Fremont, Palo Alto and Santa Clara. Arden Northern California Acquisitions Director, David Dowdney, represented Arden in both transactions. Greg Cioth led a team at Eastdil Secured that represented the UBS investor portfolio and Joe Moriarty of CPS (Commercial Property Services) represented MS/FC Crossman LLC and MF/FC SV 1, LLC.

Included in the acquisitions are:

  • 6 office/r & d buildings - 252,509 sf in Sunnyvale and Santa Clara from MS/FC.
  • 19 suburban flex office/r & d buildings - 920,355 sf in Silicon Valley from UBS
  • 1 office /r & d park - 260,000 sf - in Palo Alto from UBS

The acquisitions represent the first wave of Northern California properties purchased by Arden as part of an aggressive growth campaign that the company has recently mounted throughout the West Coast. We have already begun integrating these assets into the Arden portfolio, stated Acquisitions Director David Dowdney. This is a great first step into the Northern California market one of many we will make in the future.

The purchase follows an announcement from Arden last week that the company has signed an agreement with Blackstone to purchase 5.9 million square feet of office properties, including a significant number of properties in Northern California. That portfolio is scheduled to close in August. Arden was acquired in May 2006 by GE Real Estate as the companys growth platform for the Western United States.

About Arden

Based in West Los Angeles, Arden Realty, Inc. is a fully integrated real estate company and one of the largest landlords in Southern California. In May of 2006, the firm was acquired by GE Real Estate as its growth platform for the Western United States. Currently, Arden has a portfolio of 193 properties comprised of 15.3 million square feet in major markets throughout Southern California, Phoenix and most recently Northern California. In-house operations include leasing, property and asset management, construction, development, and acquisitions.

Arden is also a nationally recognized leader in energy conservation and efficiency. For three consecutive years the Environmental Protection Agency cited Arden as the Commercial Real Estate Owner of the Year for its innovative energy initiatives and for owning the most energy efficient buildings in a single portfolio in the nation.

The company is directed by President and Chief Executive Officer Joaquin de Monet, Chief Operating Officer Robert Peddicord, Chief Financial Officer Kevin Early, Chief Investment Officer Michael Lynch, and General Counsel David Swartz. For more information on the company, visit the Arden website at www.ardenrealty.com.

About GE Real Estate

GE Real Estate (www.gerealestate.com) is one of the world's premier commercial real estate companies with US$49 billion in assets and a presence in 24 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 26% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.

About UBS Global Asset Management, Global Real Estate - US

With over 29 years of real estate investment advisory experience, the US real estate business of UBS Global Asset Management has approximately $16 billion under management on behalf of over 240 clients. A multi disciplined real estate organization with staff of approximately 175, it is headquartered in Hartford, Connecticut with regional offices in San Francisco, Dallas and New York. In addition to its US real estate business, UBS Global Asset Management, Global Real Estate also manages investments in Europe, Asia and Australia, totaling over $42 billion in real estate and real estate securities worldwide. In the US it operates through its legal entities, UBS Realty Investors LLC and UBS AgriVest LLC, registered investment advisors.

Contacts

Arden Realty
Brooke Lauter, 310-502-5933
blaute@ardenrealty.com

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Contacts

Arden Realty
Brooke Lauter, 310-502-5933
blaute@ardenrealty.com