(BUSINESS WIRE) Arden Realty, Inc. (NYSE:ARI) announced the purchase of Governor Executive Centre II in San Diego County for approximately $23 million. The acquisition of Governor Executive Centre II positions Arden as the largest owner of Class-A office space in the Governor Park sub-market -- one of three areas that comprise San Diego's Golden Triangle market.

The property is a 101,400-square-foot office building that is 96% occupied and has less than 2,000 square feet scheduled to expire through the end of 2005. It is located at 6256 Greenwich Drive in San Diego, which is between the 5 and 805 Freeways. It is also in close proximity to three other Arden buildings, as well as to amenities in the neighboring University Town Center area.

Arden also announced the fourth quarter sales of two office properties in the North Los Angeles market: Pennsfield Plaza, a 21,200-square-foot office building in Thousand Oaks, and Lyons Plaza, a 61,200-square-foot office building in Santa Clarita. With these sales, Arden sold a total of 597,900 square feet of office properties for approximately $93 million in 2004.

Arden Realty, Inc. is a self-administered, self-managed REIT that owns, manages, leases, develops, renovates and acquires commercial office properties located in Southern California. Arden is the largest publicly traded office landlord in Southern California, with 130 properties, consisting of 215 buildings and approximately 18.9 million net rentable square feet of office space, including one property with 283,000 square feet under lease-up. For more information on the company, visit the Arden website at http://www.ardenrealty.com.