CommonWealth Partners Plans Landmark Office Tower; First Costa Mesa High-Rise in a Decade to Be Focal Point of the Expanding Two Town Center Complex.

Business Editors/Real Estate Writers

COSTA MESA, Calif.--(BUSINESS WIRE)--Sept. 9, 2003

A landmark 18-story, Class A office tower is planned for the Two Town Center complex in Costa Mesa. The 400,000-sq.-ft. building will be the first new high-rise in Costa Mesa in a decade and will be the signature building for the expanding commercial complex, the flagship property of CommonWealth Partners. Acclaimed architectural firm, Johnson Fain, has been commissioned to design the new office tower.

The new tower will become the architectural centerpiece of this extraordinary working environment. Located in the heart of Costa Mesa's Theater & Arts District, Two Town Center affords seamless access to the area's three major freeways and is less than five minutes from John Wayne Airport. Sited around a newly designed arts plaza within reach of the Centers' many amenities, the building's lobby will be a spacious, glassy state-of-the-art room finished in natural stone, tailored millwork and custom lighting. The tower itself is a slender shaft of high performance glass planes, which create a dramatic silhouette at the freeway's edge.

"Costa Mesa is a thriving business, cultural and retail center, and the new building demonstrates our commitment to this area's continued growth," said Brett Munger, Chief Operating Officer, CommonWealth Partners. "The new building will be geared toward the dynamics and demand of this unique market."

"Two Town Center has been Orange County's best-kept commercial secret," added Munger. "The property is distinguished by exceptional location, wealth of onsite and nearby amenities, a variety of Class A office options and a blue-chip tenant roster. With the new building, we're able to expand the options and meet the needs of tenants whether they're looking for the intimate feel of a smaller building or the prestige of being in a landmark tower."

The 19.2-acre complex currently includes twin 15-story office towers, an 8-story office building, a 5-story office building, four freestanding restaurants, and ample surface and covered parking. The property's piece de resistance is a world-renowned, 1.6-acre sculpture garden designed by Japanese sculptor, Isamu Noguchi. In addition to the new office tower, lush new landscaping and signage are planned to integrate all elements of the expanding complex as well as new pedestrian paths and lighting.

Opening this October at Two Town Center will be the 8,200-sq.-ft. Chat Noir bistro and jazz lounge, the newest restaurant in David Wilhelm's Culinary Adventures Incorporated portfolio. Two Town Center's tenants include Comerica, State Farm, Washington Mutual, GMAC, BDO Seidman and Bank of America among others.

Two Town Center is the flagship property of CommonWealth Partners, a fully integrated private real estate investment, development, management and operating company based in Los Angeles. Founded in 1996, the company combines the value-creating talents and hands-on operating expertise of an entrepreneurial development company with the discipline and research capabilities of an institutional investment firm. The company presently owns and manages a premier portfolio of over $1.2 billion in institutional-quality office properties across southern California and the southwestern United States.

Note to Editors: Visual available upon request.