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MISSION WEST PROPERTIES JV SELLS TWO R&D PROPERTIES

MORGAN HILL, CALIF. — Mission West Properties Inc., through its unconsolidated joint venture, TBI-MWP, has completed the disposition of two research and development assets in Morgan Hill. Selling for $65 million, the properties offer approximately 311,000 square feet of rentable space. Mission West received approximately $16.9 million in cash, its share of the net proceeds, for the transaction. In January 2003, Mission West acquired a 50 percent interest in the joint venture from the Berg Group under the Berg Land Holdings Option Agreement.

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