NEWARK, N.J., Dec. 9, 2011
/PRNewswire/ -- PSEG today announced the closing of the sale
of the 1801 California Street building, Denver, Colorado, to a consortium of investors
led by Brookfield Office Properties Inc. The property was sold
"as-is" for $215
million.
The building, constructed in 1983, is a 54-story, 1.37 million
square foot office building that was previously commonly referred
to as the "Qwest Building." PSEG has owned the building since
1991. The sale of the Qwest Building is part of PSEG's
ongoing efforts to focus on energy investments in the United
States. The building was owned by PSEG Energy Holdings, a
wholly owned subsidiary of PSEG. The financial impact of this
transaction will be reflected in income from continuing operations
and not in operating earnings for the fourth quarter of 2011.
PSEG is a diversified energy company based in Newark, New Jersey.
FORWARD-LOOKING STATEMENT
The statements contained in this communication about our and our
subsidiaries' future performance, including, without limitation,
future revenues, earnings, strategies, prospects, consequences and
all other statements that are not purely historical, are
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Although we believe that our expectations are based on
reasonable assumptions, we can give no assurance they will be
achieved. There are a number of risks and uncertainties that could
cause actual results to differ materially from what may actually
occur. A discussion of some of these risks and uncertainties is
contained in our Annual Report on Form 10-K and subsequent reports
on Form 10-Q and Form 8-K filed with the Securities and Exchange
Commission (SEC). These documents address in further detail our
business, industry issues and other factors that could cause actual
results to differ materially from those indicated in this
communication. Forward looking statements made in this
communication only apply as of this date. While we may elect to
update forward-looking statements from time to time, we
specifically disclaim any obligation to do so, even if our internal
estimates change, unless otherwise required by applicable
securities laws.
Public Service Enterprise Group (NYSE: PEG) is a publicly
traded diversified energy company with annual revenues of more than
$12 billion, and three principal
subsidiaries: PSEG Power, Public Service Electric and Gas Company
(PSE&G) and PSEG Energy Holdings.
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SOURCE Public Service Enterprise Group (PSEG)