Arden Realty Announces Acquisition of Warner Corporate Center in Woodland Hills.

LOS ANGELES -- Arden Realty, Inc. (NYSE:ARI) today announced the purchase of Warner Corporate Center located at 21300 Victory Boulevard in Woodland Hills for $64.5 million. The seller was Grosvenor, an international property development group based in the United Kingdom. The 254,000 square foot, Class A office tower is currently 97.8% leased to 29 tenants, including Cardinal Health, First Health, McDonald's Corporation, Zurich American, D.R. Horton, Bank of America, and AT&T (TCG). Less than 9% of the leased square footage expires over the next two years.

Warner Corporate Center is located in the Woodland Hills submarket, which includes the mixed-use Warner Center project and consists of approximately 6.3 million square feet of office space. As of September 30, 2004, the direct vacancy rate was 10.1% and approximately 330,000 square feet has been absorbed in this submarket, year-to-date in 2004.

"The purchase of Warner Corporate Center is another key component of our capital recycling plan, providing significant penetration into this highly desirable market with a superior quality asset and tenant roster," stated Victor Coleman, Arden President and Chief Operating Officer. "This is an outstanding addition to our existing West San Fernando Valley portfolio which, with this purchase, now totals more than 1.7 million square feet." The property's location in the Warner Center situates it at the heart of the area's primary commercial center that includes the San Fernando Valley's premier retail, hotel and entertainment amenities and is bordered by the Ventura (101) Freeway, one of the region's primary east/west arteries.

Including Warner Corporate Center, Arden has acquired approximately $97 million in Class A office properties in 2004 while selling approximately $78 million of non-core assets.

Arden Realty, Inc. is a self-administered, self-managed REIT that owns, manages, leases, develops, renovates and acquires commercial office properties located in Southern California. Arden is the largest publicly traded office landlord in Southern California, with 129 properties, consisting of 211 buildings and approximately 19.1 million net rentable square feet of office space, including one building with 99,000 square feet under renovation. For more information on the company, visit the Arden website at http://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.