SAN FRANCISCO - October 3, 200 - – Shorenstein Company LLC, announced today that 555 California Street Partners, a California limited partnership jointly owned by Shorenstein Company and Bank of America Corporation, will explore a potential recapitalization of their partnership. The venture owns the 1.8-million square-foot Bank of America Center in downtown San Francisco.

Both partners said a recapitalization would enable them to take advantage of San Francisco's strong commercial real estate market and explore various capital management options, which could include refinancing their investment, selling the property or seeking various joint venture alternatives.

"555 California Street is clearly one of the premier office properties in the United States, and the San Francisco office market is particularly strong right now," said Doug Shorenstein, Chairman and CEO of Shorenstein Company LLC "As an active real estate investment and management firm, our core business strategy is firmly focused on a constant mix of buying, selling, managing, developing, joint venturing and recapitalizing commercial properties in vibrant markets throughout the United States."

Bank of America Center is comprised of three adjacent properties: 555 California Street, a 1.5 million square-foot class A office building; 315 Montgomery Street, a 230,000 square-foot building; and 345 Montgomery Street, a Bank of America banking center at the corner of California and Montgomery streets. The complex is the largest Class A property to be brought to market in San Francisco since the purchase of the 3 million square-foot Embarcadero Center in the spring of 1998 for more than $1.2 billion by Boston Properties.

"Our company is also focused on making the most efficient use of our capital assets," said William Miles, Bank of America, Senior Vice President and Corporate Real Estate Portfolio Director for the West Region. "In light of the current strength of San Francisco's real estate market, it makes good business sense to explore a recapitalization of these properties."

Banc of America Securities LLC has been retained to advise the partnership.

Bank of America has been the major tenant in the 555 California Street building since it opened in 1970. In the event the property is sold, Bank of America will continue as the largest tenant and the complex will continue to carry the Bank of America name under the terms of the bank's existing long-term lease.

Shorenstein Company currently owns and operates a national portfolio consisting of 25 million square-feet of high-quality office space, and maintains an active real estate presence regionally.

So far this year, the company has acquired an 800,000 square-foot building in New Orleans and the 2.1 million square foot Prudential Plaza office complex in Chicago. Shorenstein Company is also one of the San Francisco Bay Area's most active commercial developers with a 450,000 square-foot office building under development at City Center in Oakland. The company has also sold its interest in 50 Fremont Street, a Class A office building in San Francisco and announced plans to develop a 400,000 square-foot office building at Pine and Kearny, also in San Francisco.

Bank of America, with $680 billion in assets, is the largest bank in the United States. It has full-service operations in 21 states and the District of Columbia and provides financial products and services to 30 million households and two million businesses, as well as international corporate financial services for business transactions in 190 countries. The company's stock (ticker: BAC) is listed on the New York, Pacific, and London stock exchanges, and certain shares are listed on the Tokyo Stock Exchange.

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