American Assets Announces Acquistion of Prized San Francisco Financial District Office Building; Acquisition Marks Company's Second San Francisco Acquisition in One Month.

SAN DIEGO -- American Assets, a San Diego-based real estate investment and asset management firm, announced the acquisition of The Landmark at One Market Street, a Class A office building in San Francisco's Financial District, marking the company's second Bay Area acquisition in one month.

"These types of superlative assets are not for sale very often," said John Chamberlain, chief executive officer for American Assets. "We are extremely pleased to be in the position to acquire this asset and continue our expansion into one of the pre-eminent financial and commercial centers in the United States."

The Landmark at One Market Street is located at the foot of Market Street in the heart of the famed Financial District and is considered to be one of San Francisco's most architecturally distinct and historic Class A properties. Built in 1916 as the headquarters for the Southern Pacific Railroad, and occupied as their headquarters until 1998, The Landmark at One Market is comprised of 11 stories totaling over 437,000 square feet. The fully occupied property underwent a complete seismic retrofit in 2000 as well as the installation of all-new state-of-the-art building systems.

Designed by world-renowned architect Bliss and Falville, The Landmark at One Market Street is adjacent to the Federal Reserve, Embarcadero Center and the historic Ferry Building and enjoys panoramic views of San Francisco Bay as well as views up both California and Market Streets.

The area surrounding The Landmark at One Market Street has undergone extensive changes since the 1989 Loma Prieta earthquake that damaged the Embarcadero Freeway. The double-decked Embarcadero Freeway has been demolished and replaced with plazas, walks, parks, and public pier access, which give visitors and residents the chance to enjoy the spectacular waterfront setting.

American Assets now owns and operates seven major office property complexes including 160 King Street which they acquired in May. 160 King Street is located between Second and Third Streets and includes 168,000 square feet of the highest-quality Class A office property within the South of Market (SOMA) District. Built in 2002, the property totals nine stories and is home to the law firm of Gray Cary and Brown & Toland Medical Group.

American Assets was founded in 1967 and is one of the largest real estate groups in the San Diego region. The company's portfolio encompasses approximately 3.7 million square feet of retail, 2.2 million square feet of office and over 1,000 residential apartment units throughout California, Arizona, Nevada, Texas and Hawaii. Additional information is available on the company's Web site at www.americanassets.com. For more information about office leasing opportunities, interested parties can contact Jim Durfey at 858-350-2600.