Pacific Office Properties Acquires Four San Diego Office Buildings

June 19, 2008 7:26 PM EDT

LOS ANGELES--(BUSINESS WIRE)--

Pacific Office Properties Trust, Inc. (AMEX: PCE), the West Coast office building REIT, announced today the acquisition of four San Diego-area office buildings. The acquisitions increase Pacific Office's portfolio to 3.3 million leasable square feet.

The four new properties total 129,000 square feet and include twin office buildings in the Scripps Ranch Business Park in San Diego, and the Palomar Heights Corporate Center and an adjacent office building in Carlsbad, Calif. The transaction completes Pacific Office's acquisition of the seven-building San Diego Portfolio, three buildings of which were acquired last month. Pacific Office acquired the San Diego Portfolio in partnership with an institutional co-investor and will own a 32 percent managing ownership interest in the properties.

"While each of these buildings represents ideal value-added opportunities, they all possess solid fundamentals of high-quality development and locations in prime submarkets," said Dallas Lucas, Pacific Office's president and chief executive officer.

Pacific Office was formed through the contribution of The Shidler Group's Western U.S. office building portfolio and operations to a subsidiary of Arizona Land Income Corporation. As part of its formation transactions, Pacific Office was granted the option to acquire certain properties that The Shidler Group may have acquired, or had under contract to acquire, prior to the consummation of its formation transactions, including the San Diego Portfolio. The acquisition price for each option property is equal to the property's cost, or proposed cost, to The Shidler Group.

About Pacific Office Properties Trust, Inc.

Pacific Office Properties Trust, Inc. (www.pacificofficeproperties.com) is a real estate investment trust that acquires, owns, and operates office properties in the western U.S., focusing initially on the four high-growth markets of Honolulu, San Diego, Los Angeles, and Phoenix. The Company is externally managed by Pacific Office Management, Inc., an affiliate of The Shidler Group.

The Company's strategy is to acquire, in partnership with institutional co-investors, value-added office buildings whose potential can be maximized through improvements, repositioning, and superior leasing and management. The Company continues The Shidler Group's highly successful institutional joint-venture operations, which focus on acquiring opportunistic and value-added commercial real estate in partnership with institutional co-investors.

About The Shidler Group

The Shidler Group (www.shidler.com) is a private long-term investor in commercial real estate. Over the past 30 years, through its private and public affiliates, it has acquired, owned and managed more than 2,000 properties containing over 150 million square feet of leasable area. In addition to the formation of Pacific Office Properties Trust, Inc., The Shidler Group has founded three other publicly traded real estate investment trusts - Corporate Office Properties Trust (NYSE: OFC), First Industrial Realty Trust (NYSE: FR), and TriNet Corporate Realty Trust (formerly, NYSE: TRI, now part of iStar Financial (NYSE: SFI)).

Certain Information About Forward Looking Statements

Statements contained in this release except for historical information are forward-looking statements that are based on current expectations and involve risks and uncertainties. Without limiting the generality of the foregoing, words such as "should," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate," or "continue," or the negative or other variations thereof or comparable terminology, are intended to identify forward-looking statements. The risks and uncertainties inherent in such statements may cause actual future events or results to differ materially and adversely from those described in the forward-looking statements. Specifically, there can be no assurance that the subject transactions will be consummated. Other important factors that may cause a difference between forward-looking statements and actual results for Pacific Office are discussed in the Company's filings from time to time with the SEC, including but not limited to the Quarterly Report on form 10-Q for the quarter ended March 31, 2008. Pacific Office and The Shidler Group disclaim any obligation to revise or update any forward-looking statements contained in this press release, which speak only as of the date hereof.

Source: Pacific Office Properties Trust, Inc.

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