Newly Renovated Complex Now 80 Percent Leased

WALNUT CREEK, Calif., April 20, 2004 -- Pembroke Real Estate announced today that PBC Walnut Creek, LLC; Alliance of Chief Executives; and Blasland, Bouck & Lee, Inc. (BBL) have leased a total of 15,060 square feet of space at Ygnacio Center in Walnut Creek.

PBC Walnut Creek and Alliance of Chief Executives will occupy 8,632 square feet and 1,657 square feet, respectively, at One Ygnacio Center, and Blasland, Bouck & Lee, Inc., has leased 4,771 square feet at Two Ygancio Center. 

With the addition of these tenants, One Ygnacio Center, a 156,000-square-foot office and retail development, is nearly 100 percent leased, and 179,000-square-foot Two Ygnacio Center is nearly 80 percent leased.  With 163,000 square-feet, Three Ygnacio Center is nearly 70 percent leased.

“The convenient location and amenities of the complex as well as the recent renovation are very appealing to professional service firms,” said Richard Backer, senior vice president, Pembroke Real Estate. “We are very excited that Ygnacio Center continues to attract top Bay area companies such as PBC Walnut Creek, Alliance of Chief Executives and BBL.”

Pembroke Real Estate was represented by Colliers International for PBC Walnut Creek and Alliance of Chief Executives, and Jones Lang Lasalle Americas, Inc., for BBL – both firms located in Walnut Creek.

About Ygnacio Center
One, Two, and Three Ygnacio Center, which comprises the 500,000-square-foot Ygancio Center complex, was developed by Pembroke Real Estate, the real estate development arm of Fidelity Investments. Pembroke recently completed a three-year improvement plan for Ygnacio Center including renovations to buildings One and Two which were completed at the end of last year, and the construction of Three Ygnacio Center, a new office building which was completed in June 2003.  Three Ygnacio is the largest commercial project to be built in downtown Walnut Creek in the past 15 years.  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.  http://www.ygnaciocenter.com/

About Pembroke Real Estate
Pembroke Real Estate is a division of Fidelity Real Estate Company (FREC), the real estate arm of Fidelity Investments.   Pembroke specializes in the acquisition, design, development and management of signature properties in major metropolitan areas worldwide, including projects in London, Tokyo, San Francisco, 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/.

About Pacific Business Centers
PBC Walnut Creek, LLC is a partnership of local investors formed by Pacific Business Centers, Inc., a regional operator of executive suites. Pacific Business Centers is an operator of Office Business Centers in five San Francisco Bay Area locations. Each center offers flexible offices in a shared infrastructure environment, with access to conference rooms, guest offices, copiers, receptionist & answering services, admin & IT support, T-1 Internet connection, and access to touchdown space in over 400 locations worldwide through its affiliation with ALLIANCE Business Centers NETWORK. Individual offices ranging from 80 to 500 square feet are available under hourly, daily, monthly or annual terms. Customers include professional services firms, start-ups, corporate branch offices, and telecommuters who need a professional address and access to part-time offices.

About Alliance of Chief Executives
Founded in 1996, the Alliance of Chief Executives is a private, invitation-only membership organization of CEOs, Managing Partners, Owners, and Presidents.   Founded in the Bay Area, they have become the fastest-growing organization of CEOs who run companies of virtually every type. For more information,visit the company’s Web site at http://www.allianceofceos.com/.

About Blasland, Bouck & Lee, Inc.
Blasland, Bouck & Lee, Inc. (BBL) is a leading provider of environmental, health, and safety services in the United States and internationally on behalf of the world’s most important companies and select, non-regulatory governmental clients.  Our people distinguish BBL in the marketplace.  Our passion for our professions makes us among the most sought-after talent in the field. BBL’s client-focused business model offers tangible benefits to our clients, while our employee-centered culture fosters continuous personal growth.  For more information, visit the company’s Web site at http://www.bbl-inc.com/.