Arden Realty, Inc. Announces Redemption of $50 Million in 8 5/8% Series B Cumulative Redeemable Preferred Operating Partnership Units.

LOS ANGELES -- Arden Realty, Inc. (NYSE:ARI) today announced the redemption of all of its operating partnership's outstanding 8 5/8% Series B Cumulative Redeemable Preferred Units. These 2,000,000 Preferred Units were redeemed at par for a total of $50 million plus accumulated and unpaid dividends to the redemption date.

Including original issuance costs totaling approximately $1.0 million for these Units that were expensed in connection with this redemption, the Company also confirmed its previously announced guidance of $0.61 to $0.63 per share in Funds From Operations for the quarter ended September 30, 2004.

Arden Realty is a self-administered, self-managed real estate investment trust which owns, manages, leases, develops, renovates and acquires commercial office properties located in Southern California. As of June 30, 2004, the Company's portfolio contained 128 properties comprised of 210 buildings and approximately 18.8 million rentable square feet. For more information on the Company, visit the Arden website at www.ardenrealty.com.

Statements in this news release that are not historical may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the company's expectations include the availability and cost of capital for future investments, competition within the industry, real estate and economic conditions, and other risks detailed from time to time in the company's Securities and Exchange Commission filings.