Arden Realty Announces Purchase of 30700 Russell Ranch Road and Sale of 10251 Vista Sorrento.

LOS ANGELES -- Arden Realty, Inc. (NYSE:ARI) today announced the purchase of 30700 Russell Ranch Road in a non-marketed transaction for approximately $32.3 million. This 138,000 square-foot office building, located in Westlake Village, is 100% occupied by a single tenant with a lease expiration in January 2008. Westlake Village is located in the West San Fernando Valley and has a total office inventory of 1.5 million square feet, with a direct market vacancy of 7.3% as of June 30, 2004. With this acquisition, Arden now owns four properties with a total of over 345,000 feet of Class A office space in this strong suburban submarket.

Arden also announced the sale of 10251 Vista Sorrento, a 69,000 square foot office building located in the Sorrento Mesa submarket of San Diego County for approximately $9.3 million or $134 per square foot. This building had been unoccupied since the second quarter of 2003 when a single-tenant user closed its operations and vacated the building. With this sale, Arden has sold a total of 365,000 square feet of assets for approximately $79 million in 2004.

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 128 properties, consisting of 210 buildings and approximately 18.9 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.