Server: Netscape-Enterprise/2.0a Date: Fri, 19 Dec 1997 15:57:00 GMT Accept-ranges: bytes Last-modified: Mon, 01 Dec 1997 17:27:05 GMT Content-length: 2340 Content-type: text/html
Palo Alto, California -- December 1, 1997 -- Essex Property Trust, Inc. (NYSE: "ESS") today announced the acquisition of an office property located on E. Meadow Drive in Palo Alto, California at a cash sales price of $4.5 million. This 17,400 square foot property will house Essex’s corporate staff beginning in February, 1998. Keith Guericke, Essex’s president and chief executive officer, noted that "Our multifamily portfolio has grown by 194 percent since our initial public offering in 1994. In order to accommodate the additional staff necessary to continue the successful operations of the Company, we are moving our headquarters to a larger facility. We will continue to own and operate the office building located at 777 California Avenue in Palo Alto, which is currently 100 percent leased."
Essex Property Trust, Inc., located in Palo Alto and traded on the New York Stock Exchange (ESS), is a fully integrated Real Estate Investment Trust (REIT). Self-administered and self-managed, Essex focuses on multifamily properties in targeted West Coast markets, specifically the San Francisco, Seattle, Southern California and Portland metropolitan areas. Currently, Essex has ownership interests in 50 multifamily properties (9,963 units), and has 988 units in various stages of development. Additional information can be located on the world wide web at www.essexproperties.com.
The statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including, but not limited to, market demand, the effect of economic conditions, the impact of competition and competitive pricing, the result of financing efforts, the effect of the Company’s accounting policies and other risks detailed in the Company’s Securities and Exchange Commission filings.