GLB Glenborough

Glenborough Realty Trust (NYSE:GLB) (GLB PrA) announced the acquisition of Chatham Executive Center for total consideration of $17 million. The property consists of a three-story multi-tenant office building with 63,346 rentable square feet located in the Borough of Chatham, one of the most affluent suburban communities in the New York Metropolitan area. Chatham Executive Center is located at a full four way interchange on State Route 24, and enjoys convenient access to Interstates 78 and 287, the Garden State Parkway and New Jersey Turnpike. A designated rail station is located seven blocks west which provides direct access to Midtown Manhattan with New Jersey Transit's "Midtown Direct" train. Newark International Airport, the 6th largest passenger airport in the world, is a 15-minute drive from the property. Chatham was named One of the Top Ten Places to Live in the United States by "Money Magazine" in 2005. Area amenities include excellent shopping facilities and restaurants available along Chatham's Main Street, and nearby in downtown Madison and Summit, as well as at the Livingston and Short Hills Malls and Hickory Tree Shopping Center in Chatham Township. The Mall at Short Hills is regarded as one of the premiere malls in the United States. Nearby hotel accommodations include the 300-room Hilton Short Hills -- opposite the Mall at Short Hills -- rated by AAA as a Five Diamond hotel. Andrew Batinovich, President and CEO commented, "We are building our presence in one of our core markets with high quality assets like Chatham Executive Center in prime locations. We are continuing to redeploy capital from our dispositions in the Midwest to further focus our portfolio in our top markets." Glenborough is a REIT which is focused on owning high quality, multi-tenant office properties concentrated in Washington, D.C., Southern California, Boston, Northern New Jersey, and Northern California. The Company has a portfolio of 48 properties encompassing approximately 9 million square feet as of December 31, 2005.