The Shidler Group Sells 707 Broadway Tower for $48 Million SAN DIEGO, Jan. 5 /PRNewswire/ -- The Shidler Group has sold an 18-story high-rise office building located at 707 Broadway in the central business district of downtown San Diego (92101). Total consideration in the purchase was $48 million. The Shidler Group purchased the building in September 2003 for $35 million. The buyer is Arden Realty, Inc., a self-administered and self-managed real estate investment trust traded on the New York Stock Exchange under the symbol ARI. The building totals 180,000 square feet, with an adjacent 12-story, 792-stall parking structure. Major tenants in the building include Washington Mutual Bank, the City of San Diego Attorneys' office, Inter@activate, the law firm of Lowell & Robbin, engineering firm Parsons, Brinckerhoff, MCI WorldCom, and public relations firm Nuffer, Smith, Tucker. Matt Root, a Partner with The Shidler Group, said, "We have successfully executed our business plan of renovating and leasing this high-profile property. The office tower occupancy is over 95% and demand for the parking garage has never been stronger. The continued gentrification of the East Village and ongoing revitalization of downtown San Diego will continue to enhance the long-term value of this property." Adam Edwards of Secured Capital Corporation represented both the buyer and the seller. The Shidler Group is a national real estate organization that actively acquires commercial real estate for its own account. It currently owns and operates over 8 million square feet of commercial property throughout Texas, Arizona, Hawaii and Southern California. Since its founding in 1972, The Shidler Group and its affiliates have facilitated the acquisition of over 145 million square feet of commercial property. The western regional headquarters of The Shidler Group is located at 10188 Telesis Court, Suite 222, San Diego, California, 92121. For more information, contact Matt Root at (858) 678-8500, Ext. 239. Based in West Los Angeles, Arden Realty, Inc. is a fully integrated real estate company and the largest landlord of office buildings in Southern California. Arden has a portfolio of 120 properties consisting of 192 buildings and approximately 18 million net rentable square feet. The company's in-house operations include leasing, property and asset management, construction, development and acquisition. For further information, please contact Matt Root of The Shidler Group, +1-858-678-8500, ext. 239; or Dan Peoples, +1-858-552-1456, for The Shidler Group. DATASOURCE: The Shidler Group CONTACT: Matt Root of The Shidler Group, +1-858-678-8500, ext. 239; or Dan Peoples, +1-858-552-1456, for The Shidler Group

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