New Office Building In Los Angeles Will Add
Nearly 600,000 Square Feet To Beacon's West Coast Portfolio
BOSTON, Sept. 18 /PRNewswire/ -- Beacon Properties Corporation (NYSE: BCN)
announced today that it will undertake an office development project in the
Burbank district of Los Angeles. The project will add approximately 600,000
square feet to Beacon's West Coast portfolio which currently totals
2.4 million square feet.
Beacon will purchase five acres in the Media District of Burbank, directly
across from NBC studios, and plans to co-develop with J.H. Snyder Company a
Class A office project known as the Media Center. The project will consist
of three interconnected six-story buildings containing 585,000 square feet.
The Media Center will increase Beacon's Los Angeles portfolio to nearly
1.7 million square feet.
The Media Center development site in Burbank is bordered by Olive Avenue,
California Street and the Ventura Freeway in the Tri-Cities submarket of
Los Angeles. Beacon and J.H. Snyder will co-develop Media Center. Beacon
will own and manage the property and J.H. Snyder will be the leasing agent.
The Burbank submarket vacancy rate was four percent at the end of the second
quarter, as reported by CB Commercial.
Alan M. Leventhal, president and chief executive officer of Beacon,
stated: "We are very pleased to have this opportunity, along with J.H. Snyder,
to co-develop this large, modern office complex in Burbank's Media District --
the area's first new commercial office development in five years. The
Media Center will be an excellent fit with our national strategy and will
capitalize on the strength of the entertainment industry which is leading
the recovery in southern California. At the same time, it will establish a
strong presence for us in Tri-Cities, one of the most attractive
sub-markets in Los Angeles."
In addition to the development in California, Beacon has begun
construction of three office buildings totaling 256,000 square feet at Crosby
Corporate Center, Bedford, MA, to be completed by Spring, 1998.
As announced on September 15, Beacon Properties Corporation and Equity
Office Properties Trust have entered into a definitive agreement and plan
of merger.
Beacon Properties Corporation, with headquarters in Boston, Massachusetts,
is one of the nation's largest real estate investment trusts (REITs).
Established in 1994 as a self-administered and self-managed REIT, the
company owns or has an interest in a portfolio of office properties located
in major metropolitan areas, including Boston, Atlanta, Chicago, Los
Angeles, San Francisco and Washington DC. Beacon's office portfolio
currently totals 118 buildings containing 18.8 million square feet. The
properties are approximately 97 percent leased with over 1,250 tenants.
Development projects announced by Beacon total approximately 850,000 square
feet. Additional information about Beacon is available at the company's
Internet site at http://www.beaconproperties.com.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the Federal securities
law. Although Beacon believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it can
give no assurance that its expectations will be achieved. Factors that
could cause actual results to differ materially from Beacon's current
expectations include general economic conditions, local real estate
conditions, timely releasing of occupied square footage upon expiration,
interest rates, availability of equity and debt financing and other risks
detailed from time to time in the company's filings with the Securities and
Exchange Commission, including quarterly reports on Form 10-Q, reports on
Form 8-K and annual reports on Form 10-K.
SOURCE Beacon Properties Corporation
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CONTACT: Cathy Lickteig of Beacon Properties, 617-330-1400
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