EQUITY OFFICE TO DEVELOP $200 MILLION FINAL PHASE OF HOWARD HUGHES CENTER

LOS ANGELES — Equity Office, an affiliate of The Blackstone Group, is developing the final phase of Howard Hughes Center, a 70-acre, 2.6 million-square-foot mixed-use development located in West Los Angeles. The $200 million final phase will feature two 250,000-square-foot office buildings and two potential residential structures. The first office building, 5901 Center Drive, is slated to break ground in December, with the second building, 5900 Center Drive, scheduled to break ground in early 2008. Two proposed residential developments are expected to follow, which will make Howard Hughes Center one of the largest live/work projects in West Los Angeles. Currently, the center features six office buildings, the Spectrum Athletic Club, a medical office building and Promenade at Howard Hughes Center, a two-level, 250,000-square-foot outdoor entertainment/shopping center. The Promenade features The Bridge Cinema de Lux, Callender’s Grill, On the Border Mexican Grill and Cantina, Islands, Johnny Rockets, Kabuki Japanese Restaurant, Borders Books & Music and Nordstrom Rack.