GLB Glenborough

Glenborough Realty Trust (NYSE:GLB)(NYSE:GLB.PrA) announced the acquisition of 3330 Cahuenga Boulevard for total consideration of $30.6 million. The property is a five-story multi-tenant office building with 103,782 rentable square feet situated above a two-level subterranean parking garage. The building's modified rectangular shaped configuration allows for an abundance of window offices, a feature that is preferred by many tenants. Floor sizes average approximately 21,000 square feet and are well suited for both full-floor and multi-tenant occupancy. The property is one of the few buildings in the area that offers tenants direct lobby and floor access from the subterranean parking levels. The parking garage and surface parking provides parking for 391 vehicles for an above-standard ratio of 3.8 spaces per 1,000 square feet as well as gate controlled access. The property is situated on a 1.73 acre site along the Hollywood (101) Freeway with two on/off ramps within one block and is located in the Universal City submarket of Los Angeles, in the heart of the entertainment capital of the world. The area is home to such major firms as Warner Bros., Disney, NBC, CBS, Universal Studios and DreamWorks SKG. Andrew Batinovich, President and CEO commented, "Cahuenga is a well located building that has great appeal to entertainment tenants. It is strategically located between Hollywood and Burbank and is a high quality asset that helps us continue to build a presence in our core market of Southern California." 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 45 properties encompassing approximately 8 million square feet as of March 31, 2006.