Building Nearly 60 Percent Leased Since Opening Last Fall

WALNUT CREEK, Calif., April 14, 2003 – Pembroke Real Estate announced today that Raines, Melton & Carella, Inc. (RMC) and Bank of America have leased a total of 22,215 square feet at Three Ygnacio Center, the 163,000-square-foot office and retail development located in Walnut Creek.  With the addition of these new office tenants Three Ygnacio Center, which opened in the fall of 2002, is nearly 60 percent leased.

RMC, a growing environmental engineering firm, provides innovative solutions for water and the environment.  RMC focuses on water-related projects in Northern California including local issues with water, wastewater, water recycling and stormwater management.  The firm has leased 11,237 square feet of space for a new regional office, in addition to their offices in Novato, Sacramento and two offices in the San Jose area.

Bank of America, one of the world’s leading financial services companies, has leased 10,952 square feet of office space. Three Ygnacio Center is part of the 500,000 square foot Ygnacio Center complex, which also includes One and Two Ygnacio Center.  Pembroke is in the process of renovating buildings One and Two, as part of a three-year improvement plan for the complex. 

Herman Commercial Real Estate served as leasing agent for RMC and Jones Lang LaSalle represented Bank of America.  Pembroke was represented by Colliers International.

"Considering today’s difficult market, we’re encouraged by how quickly we’ve leased space at Three Ygnacio Center,” said Peter Madsen, managing director of Pembroke Real Estate, a unit of Fidelity Investments.  “The convenient location and amenities of the complex have been particularly appealing to professional services firms like RMC and Bank of America.”

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 locale and the opportunities for on-site expansion make it a popular alternative to downtown San Francisco and surrounding suburbs.

Additional tenants at Three Ygnacio Center include Berkshire Mortgage Finance, City National Bank, Fidelity Investments, Lucey, Watkins & Lamson, Moffatt & Nichol Engineers, Starbucks Coffee and Tier Technologies.

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.

NOTE: A photo of Three Ygnacio Center is available.