Momentum Continues at Ygnacio Center with Nearly 70 Percent Occupancy

WALNUT CREEK, Calif., November 4, 2003 -- Pembroke Real Estate announced today that Grubb & Ellis, one of the world’s leading providers of integrated real estate services, has leased 8,283 square feet of space at Three Ygnacio Center in Walnut Creek.

With the addition of Grubb & Ellis, Three Ygnacio Center, a state-of-the-art 165,000-square-foot office and retail development that opened last fall, is nearly 70 percent leased. Three Ygnacio Center is part of the 500,000-square-foot Ygnacio Center complex, a property of Pembroke Real Estate, which also includes One and Two Ygnacio Center.  The redevelopment of the site will be finalized this fall with the completion of improvements to buildings One and Two.

Grubb & Ellis, expected to occupy the space by December 1, 2003, joins Berkshire Mortgage Finance, City National Bank, Fidelity Investments, Lucey, Watkins & Lamson, Moffatt & Nichol Engineers, Starbucks Coffee and Tier Technologies at Three Ygnacio Center.

“Our development of a high-quality product at a prime location has resulted in strong leasing momentum at Three Ygnacio Center, despite the sluggish recovery of many of the East Bay and San Francisco markets,” said Richard Backer, senior vice president, Pembroke Real Estate. “We are quite pleased that Ygnacio Center continues to attract many of the top companies in the Bay area.”

“Our requirements were a premier building offering an attractive design, state-of-the-art infrastructure and a central location,” said Dave Tripaldi, executive vice president and managing director of Grubb & Ellis’ Walnut Creek office. “By our analysis, Three Ygnacio was the best alternative.”

Grubb & Ellis was represented by Dave Tripaldi and Bob Maderious of Grubb & Ellis’ Walnut Creek office.  Pembroke Real Estate was represented by Colliers International, also local to Walnut Creek. 

About Ygnacio Center
Three Ygnacio was developed by Pembroke Real Estate, the real estate development and management unit of Fidelity Investments.  The development is part of the 500,000-square-foot Ygnacio Center complex, which also includes One and Two Ygnacio Center.    Renovations to buildings One and Two, which includes the complete transformation of each lobby, will be completed later this year.

With its East Bay location and proximity to the BART station and major area highways, Ygnacio Center continues to be a highly desirable employment destination.  The facility’s Walnut Creek local and the opportunities for on-site expansion make it a popular alternative to downtown San Francisco and surrounding suburbs.

Grubb & Ellis Company
With access to collective resources of more than 8,000 people in over 200 offices in 31 countries, Grubb & Ellis is one of the world’s leading providers of integrated real estate services.  The company provides a full range of real estate services, including transaction, management and consultative services, to users and investors worldwide through its domestic offices and affiliates, global strategic alliances with Knight Frank, one of the leading property consulting firms in Europe, Africa and Asia Pacific, and with Canada’s Avison Young.  For more information, visit the company''s Web site at http://www.grubb-ellis.com/.

About Pembroke Real Estate
Pembroke Real Estate, a Fidelity Investments company, is a real estate company specializing in the acquisition, design, development and management of signature properties in major metropolitan areas worldwide, including projects in London, Tokyo, San Francisco, Dallas and Boston.  The firm seeks development opportunities with high-quality, high-profile properties in the office and residential sectors.  For more information, visit the company''s Web site at http://www.pembrokere.com/.