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The Central City Association signs lease for 626 Wilshire Boulevard

LOS ANGELES, CA – July 7, 2004 – Barker Pacific Group announced today that it has signed the Central City Association to move to 626 Wilshire Boulevard this fall. This week’s new lease brings the total number of new tenants moving to the building this year to sixteen. The new leases total over 52,000 square feet of space bringing the building’s occupancy to 70 percent.

Central City Association, a membership organization with over 450 member businesses, trade associations and non-profit groups, will take 9,470 square feet of space in the building. The mission of the group is to promote the economic health and quality of life of Los Angeles. "We selected 626 Wilshire Boulevard as our new headquarters because it provides a key location downtown that will offer a central meeting place for our members," said Carol A. Schatz, CEO of the 80-year-old business organization. "The area is quiet and the building will provide a good working environment for our employees." The association will be relocating from 606 South Olive Street.

Todd Anderson of Cushman & Wakefield represented the Central City Association in lease negotiations.

Barker Pacific Group acquired the 148,721 square foot 626 Wilshire Boulevard building in downtown Los Angeles last October when it was less than 40 percent occupied. The fully modernized building is located on the corner of Hope Street and Wilshire Boulevard.

The 12-story building is conveniently located three blocks from the Harbor Freeway/Interstate 110 in the heart of the financial district of downtown Los Angeles. The building was originally built in 1966 and completely renovated in 2002 by the previous building manager, the Hines company. Scott Johnson of Johnson Fain Partners was the architect on the modernization.

“Leasing activity at 626 Wilshire has been brisk and we are confident we will have the building fully occupied in the next six months,” said Michael Barker, managing director for Barker Pacific Group. “Our strong management and leasing teams are achieving our goals and we continue to attract strong tenants to fill the vacant space in the building. The Central City Association is an excellent key tenant for the building.”

The sixteen new leases and their brokers include:

Central City Association - 9,470 sq. ft. - Todd Anderson of Cushman & Wakefield

Wescom Credit Union - 4,565 sq. ft. - Paulette Toumazos, Tiarna Real Estate Services

Nextel of California, Inc. - 3,488 sq. ft. - Reid Tussing, Cushman & Wakefield

Gourmet Wines & Spirits - 3,267 sq. ft. - Amy Raine, Newmark Realty

Ron Hami Designs - 522 sq. ft. - Greg Tuszynski, Colliers Seeley International

Downtown Physical Therapy - 1,349 sq. ft. - Jenny Haeg, Colliers Seeley International

Barker Pacific Group - 2,105 sq. ft. - Self Represented

Klawiter & Associates - 3,329 sq. ft. - Reid Tussing & Jason Warner, Cushman & Wakefield

ICPEIR, Inc. Law Offices - 1,701 sq. ft. - Carlos Ruano, Travers Realty

Dacom America - 2,793 sq. ft. - Greg Tuszynski, Colliers Seeley International

Gianelli & Morris - 5,125 sq. ft. - Greg Tuszynski, Colliers Seeley International

Transcore ITS - 3,015 sq. ft. - Dana Mahoney, Jones Lang LaSalle

MWH Americas - 3,034 sq. ft. - Cameron Brown CoRE & Carlos Ruano, Travers Realty

Mark Steel International - 1,684 sq. ft. - Reid Tussing, Trammell Crow

Consensus Planning Group - 5,859 sq. ft. - Scot McBeath, GVA DAUM

Sprint - 500 sq. ft. - Self Represented

The new tenants join the buildings current roster of law firms and other professional service companies already located in the building. Richard Schnell and Jennifer Haeg of Colliers Seeley International represent 626 Wilshire Boulevard.

The building, originally designed by Langdon Wilson, was renovated in 2002 under the direction of architect Scott Johnson of Johnson Fain Partners. Johnson is renown for his architectural design work at Fox Tower, 1999 Avenue of the Stars and MGM Tower in Los Angeles, Rincon Plaza in San Francisco and Opus Winery in Napa. The modern renovations include a sleek new main entrance and lobby with translucent glass walls, rich wood framed portals and redesigned security console with stainless steel and marble finishes.

Barker Pacific Group, Inc. is a firm comprised of experienced real estate professionals active in asset management, acquisitions and development of major commercial projects. The company was founded 20 years ago to specialize in the development and acquisition of institutional quality office, retail, and residential projects in selected U.S. cities. As a developer, Barker Pacific Group has completed or has under development or redevelopment in excess of $1 billion in commercial projects including the award winning Hamilton Landing, a 550,000 square foot Class-A office conversion project, on Hamilton Air Force Base in Marin County, California.

Several of Barker Pacific Group's other notable projects include: 100 First Plaza and 500 Sansome Street in San Francisco, The Fine Arts Building and 5055 Wilshire Boulevard in Los Angeles, the Xerox Centre in El Segundo, and The Miami Arena and Columbus Center in South Florida. The firm has offices in Los Angeles, Marin County and San Diego.

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