Azzurra Sets Record Pace for Luxury Residence Reservations; More than Half of 450 'Pied-a-Mer' Residences Are Spoken for at Contemporary Marina Del Rey High Rise -- Minutes From LAX.

MARINA DEL REY, Calif. -- Colony Capital:

--Azzurra Makes Art History Locally With Over 150 Works by 50 Artists Including Ruscha, Goode, Oldenburg, Lichtenstein, Bengston, Johns, Warhol, Hockney, Hopper on Every Floor Plus Amenities, Services Found in 5-Star Hotels

Azzurra, a 19-story contemporary high rise along the harbor in Marina del Rey, has reserved more than half of its 450 luxury Pied-a-Mer residences in just 12 weeks.

"Our original target for the halfway point was September 30, so we're both surprised and grateful for the strong interest we've had in our distinctive homes and our high rise contemporary fine art gallery," said Tom Harrison, principal, Colony Capital LLC, the Los Angeles-based developer of Azzurra.

Azzurra's marina locale is two blocks from the Venice birthplace of one faction of what has become the legendary "LA Art Scene." Captured by actor-photographer Dennis Hopper's groundbreaking photographs in the 1960s, "this band of hip, renegade, freewheeling artists and painters working in their airy Venice and Santa Monica studios initiated the 'Light and Space' movement. They interpreted California's sparkling waters and vivid sunsets, modern fashion styles and everyday objects into iconic images that immortalized the vibrancy and cheekiness of the casual California beach life," explained Harrison.

Strong Roots to the LA Art Scene

"With our proximity to the beach and the roots of the LA Art Scene, we wanted Azzurra to be part of that heritage," said Harrison. Colony Capital commissioned noted Santa Barbara art advisor and curator Julie Cline to acquire and assemble 150 of the most symbolic works by the "LA School" and exhibit them in all the public spaces including the lobby, mezzanine, spa and fitness areas and on all the residential floors.

"We took it a step further and designated residential floors for 16 of the artists," said Cline. "For example, the ninth floor is the Billy Al Bengston floor, the 16th floor represents Claes Oldenburg, and the Penthouse is devoted to Andy Warhol. Each floor has a large vintage black and white photograph of the artist with five of their unique works. It's not overstating to say this is like living in a private art collection in a 19-story gallery of what have become many of America's most significant artists in the last 50 years."

Amenities, Services Inspired by Luxury Hotel Ownership

"Indeed, Azzurra is the 'sum total' of Colony Capital's years of experience in owning five-star hotels, resorts and country clubs worldwide. These include properties such as the Savoy, Claridges and The Connaught in London, as well as the Aman hotel chain; the Mayfair, Stanhope and The Plaza in New York; the Cala di Volpe, Romazzino and Pitrizza in Costa Smerelda, Sardinia; the Guanahani in St. Barts, and the Orchid in Hawaii," said Kit Schindler, senior managing director for the Sunshine Group Ltd./California, exclusive sales agent for the residences. "Interestingly, we're attracting buyers not just from Southern California but throughout the U.S., Europe and Asia who want the LA lifestyle and the location. We're on the harbor, 10 minutes from LAX, 20 minutes from Century City, walking distance to beach, boating, restaurants with all the services and amenities of a luxury hotel," said Schindler.

The 450 one-, two- and three-bedroom Pied-a-Mer residences range in prices from $550,000 to $4.4 million for floor plans from 811 to more than 3,500 square feet and offer sweeping views of the Pacific Ocean, city lights and Santa Monica mountains from floor-to-ceiling windows. Each residence is pre-wired for digital cable, multiple phone lines and high-speed Internet access in every room, including kitchens. Penthouse residences offer secondary service entrances. Each residence also has a minimum of two parking spaces. Specific services and amenities include:

--Residential concierge services, to assist with everything from catering and yacht charters to travel arrangements and residential maintenance

--Doormen and valet services, to facilitate pick-up and delivery of packages, groceries, on-site dry cleaning and more

--24-hour guest valet parking

--A full-service Azzurra Sport & Fitness Club with an outdoor exercise terrace, the latest in strength and cardio equipment, and indoor and outdoor studio and lawn for Tai Chi, Pilates and Yoga

--A full-service Nerida Joy Spa, the first residential spa for the noted facial expert, offering facial and body treatments and manicure services

--A media lounge on the second floor mezzanine, with international periodical library, audio headphones for private listening, entertainment wall of plasma TVs, coffee bar, WiFi connectivity and executive board room with video-conferencing capabilities

--An expansive landscaped pool deck that offers private poolside cabanas with plasma TVs, an outdoor Jacuzzi, conversation area with fire pit and outdoor barbecue

--Two rooftop entertainment spaces with sweeping views, including the Sky Lounge Terrace, featuring lounging and entertaining spaces, an outdoor fire place with seating area and barbecue area, and the Jacuzzi Terrace, with an outdoor Jacuzzi, chaise lounges and intimate seating areas

--A director of lifestyle programs, who arranges wine tastings, sports excursions and other exclusive outings and activities for residents

--An extensive art collection curated from the LA School of the 1960s and 1970s featuring more than 150 works by celebrated artists such as Andy Warhol, David Hockney, Jim Dine, Ed Moses, and Ed Ruscha, several of whom still maintain studios in nearby Venice, an artistic community that is celebrating its 100th anniversary this year

--Convenient access to dining, shopping and entertainment, including Venice and eclectic Abbot Kinney Blvd., Santa Monica, Malibu, South Bay and LAX

--Adjacent to the world's largest manmade yacht marina, which offers slips and facilities for 5,000 boats and watercraft

About Colony Capital

Colony Capital is one of the largest real estate investors in the world with 14 offices in 11 countries around the world. Additional information about Colony Capital may be found at www.colonyllc.com.

About Marina del Rey

The Southern California seaside community of Marina del Rey (population 8,176) is on the Pacific Ocean just four miles north of Los Angeles International Airport and three miles south of Santa Monica, adjacent to Venice Beach. For more information, visit www.visitthemarina.com.

Sales Information

The Sunshine Group, Ltd., is the exclusive sales agent for Azzurra. For more information on the residences available at Azzurra, please contact the Azzurra Sales Gallery, 13700 Marina Pointe Drive, Suite 1901, Marina del Rey, CA 90292, 310/577-0101, or visit www.azzurra-delrey.com.