Press Releases

BPG PROPERTIES, LTD. ACQUIRES SCOTTSDALE FINANCIAL CENTER I FOR $19 MILLION

<p><b>SCOTTSDALE, AZ. - (August 27, 2008) – </b>BPG Properties, Ltd. (“BPG”), one of the nation’s leading private equity real estate fund managers, announced today the acquisition of Scottsdale Financial Center I, a 104,949 square foot office building, located in Scottsdale, AZ for $19,000,000. The property is 75% leased. The purchase was made on behalf of BPG Investment Partnership VIII and VIII A, L.P., a fully discretionary private equity fund with total equity commitments of $850 million. </p> <p>“The acquisition of Scottsdale Financial Center I provided us with the opportunity to acquire a well designed office building in the highly desirable Scottsdale submarket of Phoenix”, said Andrew J. White, senior vice president of BPG and head of its Los Angeles Regional Office who oversaw the transaction with Gardner Ellner, associate in the firm. “We plan to implement a multi-million dollar improvement program to upgrade the property to a level commensurate with its Class A location.” </p> <p>Situated at the corner of Scottsdale and Indian School Roads, Scottsdale Financial Center I is within walking distance to restaurants, retail, housing and hotels of Old Town Scottsdale while being only a few blocks from the amenities in and around Scottsdale Fashion Square. The building has ample garage and surface parking, with a parking ratio of nearly five spaces per 1,000 square feet. </p> <p>“We believe our active, direct operating approach and capital improvement program will position Scottsdale Financial Center I as the premier business location in Scottsdale,” said Jonathan Praw of BPG who will oversee the asset management and repositioning of the property. </p> <p>BPG will be executing an extensive $3 million capital improvement program to renovate common areas including lobbies, entrances, restrooms, corridors, landscaping and building HVAC and security systems. The Scottsdale Financial Center I purchase follows BPG’s acquisition and repositioning of Mesa Financial Plaza, in nearby Mesa, Arizona. Since acquiring the 319,139-square-foot office building in July 2007, BPG has invested more than $3 million in capital improvements and recently won the TOBY award for Renovated Building of the Year in Phoenix. </p> <p>Jim Fijan and Jerry Roberts of CB Richard Ellis represented the seller in the transaction. Don Mudd, Jason Moore, Brett Abramson and John Bonnell with Grubb & Ellis BRE have been named the exclusive leasing agents for Scottsdale Financial Center I. CB Richard Ellis will be providing property management services. Current availabilities range in size from 1,500 to 11,000 square feet. <p> <b>About BPG Properties, Ltd.</b><br> BPG Properties, Ltd. is one of the nation’s leading private equity real estate fund managers. BPG’s portfolio consists of over 20 million square feet of office, retail, student housing, and industrial properties and more than 25,000 apartment units in more than 100 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington DC, Boston, Atlanta and Raleigh-Durham. For additional information, please visit the company’s website at www.bpgltd.com.<br> <br> <b>For additional information on BPG Properties, Ltd., please contact:</b><br> Holly Reynolds, Vice President, 215-575-2363<br> <br> <b>For additional information on Scottsdale Financial Center I, please contact:</b><br> Andrew White, Senior Vice President, 310-725-8431