Oakland, CA., - April 18, 2002 - 555 City Center, Oakland's first privately funded commercial high-rise to be constructed in over a decade, is now open for business. The 21-story building welcomed its first tenant, IDG Game Pro, in mid-April, just shy of two years after the Shorenstein Company broke ground for its construction in May of 2000.

John Dolby, marketing manager for Oakland City Center, says that Shorenstein has 'aggressively' marketed 555 City Center. "These efforts have paid off with a high level of interest in the building, despite the economy and the state of the commercial office market in the Bay Area," he says.

Dolby adds that site visit activity was brisk throughout the first quarter of 2002, a trend he expects to see continue in the coming months.

EXCEPTIONAL VALUE, QUALITY IN BAY AREA MARKET

"This building is beautiful inside and out, and it is an exceptional value for new Class A office space in the Bay area," Dolby comments. "There's very little space that comes close to the quality of 555 City Center in the East Bay right now."

The aesthetic appeal of 555 City Center was a key selling point for Franz, Inc., 555 City Center's newest tenant. Shorenstein has just signed a 10-year lease for 10,535 square feet with Franz; the software company is moving its headquarters from Berkeley to Oakland's 555 City Center in August.

Dolby continues, "We were affected by the downturn of the economy in 2001 and the termination of the Ask Jeeves lease. But we have a product that is top-shelf, located in a city that is steadily making strides in the redevelopment of its downtown core and gaining favor with the business world. Shorenstein is confident that we'll see strong leasing activity at 555 City Center in the coming months."

DESIGNED TO MIRROR, COMPLEMENT ITS SURROUNDINGS

555 City Center is an aesthetic addition to downtown Oakland and a striking new form on the city's skyline. Its expansive curved glass facade offers unparalleled views of the Bay Area, including the East Bay Hills, the Oakland Estuary, San Francisco Bay and the city of San Francisco. With its elegant proportions and use of high-quality materials, 555 City Center is also a pleasing addition to the city's streetscape.

555 City Center stands 21 stories tall and encompasses a total of 487,000 rentable square feet, including 468,000 square feet of Class A office space and 19,000 square feet of lobby level retail space. It is framed by a large, landscaped public plaza. The building occupies the block bounded by 11th, 12th, Clay and Jefferson Streets.

For the new high-rise building, architect Ted Korth of Korth Sunseri Hagey chose a palette of warm-colored materials and glass types consistent with the look and feel of the area's existing buildings. He also used the materials to recall the natural characteristics of the region, from its golden hillsides to the deep blue San Francisco Bay.

Though the architectural form of 555 City Center is contemporary, its welcoming lobby incorporates storefronts that recall the scale and rhythm of downtown Oakland's more established retail merchants. 555 City Center's delicate glass canopies, textured wall panels, custom wall sconces and granite base were also chosen to relate to the more traditional buildings nearby.

AN ELEGANT STATEMENT, FROM LOBBY TO ILLUMINATED CROWN

Elegance and an attention to consistent design sense is felt throughout 555 City Center, especially with the unique integration of Gallery 555 - a lobby-level art space that is part of an ongoing collaboration between the Shorenstein Company and the Oakland Museum of California. As with the original City Center art exhibition area in the atrium of 1111 Broadway, Gallery 555 will feature a collection of curated art that will change quarterly.

On April 18, Gallery 555 opens its first show with "Perpetual Objects," featuring the sculptural forms of noted artist and California College of Arts and Crafts educator Dennis Leon.

The lobby entry area that houses Gallery 555 is a spacious, curved glass-clad entry area designed to convey the feeling of a restful conservatory space. The glass pavilion leads into a warm interior lobby, accented with rich cherry-hued wood paneled walls and patterned stone floors. An island of bamboo completes the Asian-influenced setting.

Upstairs, 555 City Center's office spaces are column-free and open, offering clean lines, as well as efficient and flexible office space for tenants.

And on its very top, the building wears an illuminated crown. This striking design element was conceived to resemble a lantern glowing in Oakland's evening sky. According to architect Korth, this system eclipses the scale of any exterior building lighting in the Bay Area.

AN ENVIRONMENTALLY FRIENDLY BUILDING

555 City Center's infrastructure is an environmentally certified operating system. It was built to adhere to Leadership in Energy and Environmental Design (LEED) guidelines, a U.S. Green Building Council program that rates new and existing commercial structures for environmental correctness.

555 City Center is also the first high-rise in the Bay Area to be fitted with a dual plumbing system to utilize recycled water for flushing its toilets and for other non-potable uses. This 'purple-pipe' system will eventually connect to EBMUD's Bayshore Recycled Water Project. The goal of this undertaking is to deliver 2.3 million gallons of recycled water per day to businesses in Oakland, Berkeley, Emeryville, Alameda and Albany, thereby saving enough drinking water to serve more than 15,000 homes.

According to Shorenstein Development Director Paul Dumond, who oversaw 555 City Center's design and building, the construction of 555 City Center came in ahead of schedule and on-budget. The building cost approximately $100 million.

A WELCOME ADDITION

555 City Center is a graceful - and long-awaited - addition to downtown Oakland. In the words of Oakland Mayor Jerry Brown, "It's a major statement about the vitality of Oakland."

With its spectacular views and design aesthetics, as well as its convenient access to mass transit and area freeways, 555 City Center is most certainly one of the East Bay's premier commercial properties.

ABOUT OAKLAND CITY CENTER

Located directly above the 12th Street BART station and only five blocks from Interstate 880, City Center is a focal point for commercial and government activity in downtown Oakland. With the recent completion of 555 City Center, Oakland City Center encompasses more than 1.5 million square feet of office space and includes 18 restaurants and food outlets, more than a dozen retail shops and services, a complete athletic club and parking for 1,600 vehicles. The Marriott Hotel and Oakland Convention Center are conveniently located directly across from the development.

For more information about Oakland City Center, go to http://www.oaklandcitycenter.com.

ABOUT THE SHORENSTEIN COMPANY

San Francisco-based Shorenstein Company is one of the oldest and largest privately held real estate investment and development firms in the country. The company currently operates more than 22 million square feet of prime office space nationwide in major markets such as San Francisco, Chicago and Washington, D.C. Since 1992, the company has invested through a series of real estate investment funds. The company's sixth fund closed to investors in 2001 after raising $600 million in equity. For more information on Shorenstein Company, visit the company's web site at http://www.shorenstein.com.