SARES REGIS GROUP OF NORTHERN CALIFORNIA
AND BLACKROCK ACQUIRE BAYVIEW PLAZA IN SAN MATEO

         Plans Call for $10 Million Renovation to Reposition 200K Square Foot Peninsula Asset

SAN MATEO, CA – August 24, 2007 – Bayview Plaza, a 12-story office tower and four adjacent one- and two-story office buildings totaling 199,442 square feet, has been acquired by San Mateo-based Sares Regis Group of Northern California and an investment client managed by BlackRock.  The property, located at 2121 South El Camino Real in San Mateo, was acquired from San Mateo-based Cornerstone Properties.  Capmark Financial Group of San Mateo financed the acquisition.

The property includes 622 parking spaces and is strategically located in the Highway 92 corridor between Highway 101 and Interstate 280, providing convenient access to the Bay Area’s three International Airports.  As one of the few high-rise structures in the surrounding area, it offers panoramic views of the San Francisco Peninsula and provides an outstanding signage opportunity with unparalleled visibility.  The property will be renovated and repositioned to capitalize on recent leasing velocity in the San Mateo office market.  The building is currently 81% occupied with a strong tenant base of software companies and startup businesses.

“The acquisition of Bayview Plaza increases BlackRock’s Bay Area exposure and is a unique asset in a fast growing regional economy,” said Bob Lewis, Director at BlackRock.  “We choose Sares Regis Group of Northern California as our partner because the firm is a best-in-class operator and we’ve executed a number of successful transactions with the group in the past.”

“This property is attractive because of its strategic location near several key Bay Area transportation corridors and the significant upside potential,” said Jeff Birdwell, President of Sares Regis Group’s commercial division.  “The Peninsula office market is coming back strong and the long term real estate values of well placed buildings that have easy transportation access to San Francisco, San Jose and the East Bay will become even more desirable going forward.” 

Allison Gorelick, Vice President of commercial acquisitions added, “We’re very excited about the opportunity to partner with BlackRock and Capmark to acquire and operate one of the most recognized office buildings in the area and believe strongly in the future strength and long-term potential of the mid-Peninsula market.”

Brokers Erik Doyle, Tim Grant and James Lees from CB Richard Ellis’ Foster City office brought the deal to Sares Regis Group.  Tim Grant, James Lees, Sandy Rodriguez and Garrett Hooker will be the leasing team from CB Richard Ellis.  Sares Regis Group will oversee $10 million in renovations and serve as property manager.

Sares Regis Group of Northern California and its affiliates, Regis Homes of Northern California and Regis Contractors of Northern California are regional companies based in San Mateo, California and are affiliated with Irvine-based Sares Regis Group.  One of the leading developers and managers of commercial and residential real estate in the western United States, today the companies have more than 6.5 million square feet of commercial properties valued at $500 million and over 2,800 residential units under development.  Sares Regis Group has a combined portfolio of property and fee-based management contracts valued at more than $4 billion, including 13,000 rental apartments and 15 million square feet of commercial and industrial space.  Since its inception the company has acquired or developed approximately 44 million square feet of commercial properties and 19,000 multifamily and residential housing units.

BlackRock is one of the world’s largest publicly traded investment management firms.  As of June 30, 2007, assets under management were $1.30 trillion.  The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investments products.  Headquartered in New York City, the firm has approximately 5,000 employees in 18 countries and a major presence in key global markets, including the U.S., Europe, Asia, Australia and the Middle East. 

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