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MPG office trust signs lease renewal with Southern California Gas Company
For Immediate Release
LOS ANGELES, July 7, 2010 – MPG Office Trust , Inc. (NYSE: MPG), a Southern California-focused real estate investment trust, announced today it has executed a lease renewal with Southern California Gas Company (The Gas Company) for approximately 350,000 square feet at The Gas Company Tower in Downtown Los Angeles.
“We’re pleased to announce our continued commitment to the city of Los Angeles and to a vibrant downtown community,” said Michael W. Allman, president and chief executive officer of The Gas Company. “Our 1,300-plus employees based here enjoy the central location, proximity to public transportation, and all the services and conveniences that Downtown Los Angeles has to offer.”
Nelson C. Rising, president and chief executive officer of MPG Office Trust, Inc., commented, “We are extremely pleased with the renewal of this highly valued tenant. Southern California Gas Company was the original tenant and we are delighted they have elected to remain with us. Their decision to remain in The Gas Company Tower exemplifies Downtown Los Angeles as a premier office environment offering extensive transportation options, residential opportunities, cultural amenities and a supportive business environment.”
About MPG Office Trust, Inc. MPG Office Trust is the largest owner and operator of Class A office properties in the Los Angeles central business district and is primarily focused on owning and operating high-quality office properties in the Southern California market. MPG Office Trust is a full-service real estate company with substantial in-house expertise and resources in property management, marketing, leasing, acquisitions, development and financing. For more information on MPG Office Trust, visit the Company’s website at www.mpgoffice.com.
About Southern California Gas Company Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 140 years. It is the nation’s largest natural gas distribution utility, providing safe and reliable energy to 20.5 million consumers through 5.7 million meters in more than 500 communities. The company’s service territory encompasses approximately 20,000 square miles in diverse terrain throughout Central and Southern California, from Visalia to the Mexican border. The Gas Company is a regulated subsidiary of Sempra Energy (NYSE: SRE). Sempra Energy, based in San Diego, California, is a Fortune 500 energy services holding company.
Business Risks This press release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include: risks associated with management’s focus on asset dispositions, loan defaults, cash generation and general strategic matters; risks associated with the timing and consequences of loan defaults and related asset dispositions; risks associated with contingent guaranties by our Operating Partnership; risks associated with our liquidity situation; risks associated with the continued or increased negative impact of the current credit crisis and global economic slowdown; general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases at favorable rates, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; risks associated with our ability to dispose of properties, if and when we decide to do so, at prices or terms set by or acceptable to us; risks and uncertainties affecting property development and construction; risks associated with increases in interest rates, volatility in the securities markets and contraction in the credit markets affecting our ability to extend or refinance existing loans as they come due; risks associated with joint ventures; potential liability for uninsured losses and environmental contamination; risks associated with the Company’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the Company’s dependence on key personnel whose continued service is not guaranteed. |
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