OAKLAND, Calif., - January 16, 2001 - City Center in Oakland continues to draw a diverse range of companies looking for quality office space that offers convenience and value, as evidenced by two new lease agreements signed by Shorenstein Realty Services.

The MMI Group, Inc., a division of St. Paul's Insurance Company, has leased 14,075 square feet while Elm Resources has signed on for 3,216 square feet in Oakland's City Center. Both new leases are for office space in 505 14th Street.

MMI Group manages the Professional Risk Management Division of St. Paul's Insurance Company. Spokesperson Jay Ayala says that City Center in Oakland was chosen as the location of the company's largest claim office in California because it offered the best combination of central location, low price and close proximity to BART.

The MMI Group employs over 200 people; 40 - 45 will be housed at 505 14th Street. The company's space will be divided between the 4th and the 6th floors. The lease begins March 1, 2002, and will run for six years.

John Dolby handled the lease transaction for Shorenstein Realty Services. Steve Corbitt of the Axiant Group was the broker.

In the second new lease at 505 14th Street, Elm Resources is opening a new office and will house 10 employees on the building's 11th floor. The company develops educational loan processing and management systems.

"The location was an important factor," says COO Ulrika Myggen, "Since many of our employees work remotely, the proximity to the BART station and the airport was a must. Finally, the location makes it a pleasant workplace for employees, with restaurants and other facilities nearby."

The six-year lease will begin March 1, 2002.

John Dolby handled the lease transaction for Shorenstein Realty Services. Kim Lane of CB Commercial was the broker.

ABOUT OAKLAND CITY CENTER
With its location directly above the 12th Street BART station and five blocks from Interstate 880, City Center is a focal point for commercial and government activity in downtown Oakland. In addition to more than two million square feet of office space, the project has 13 restaurants and other food outlets, more than a dozen retail shops and services, a complete athletic club and parking for 1,600 cars. The Marriott Hotel and Oakland Convention Center are directly across from the development.

555 City Center will add an addition 472,0000 square feet of office and retail space to Shorenstein's holdings in Oakland's City Center. The expected completion date for the new building is spring of 2001. For more information, go to www.555CityCenter.com.

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

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