ING Clarion Partners Acquires Tustin Executive Center in Orange County, California for $22.4 Million

Tustin Executive Center is an 88,715 square foot, four-story office building with direct regional access via the nearby CA-55 which is located virtually next door to four shopping centers replete with restaurants and stores and is within close proximity to dense middle to upscale housing. Completed in 1984, Tustin Executive Center has a solid roster of national and regional tenants, including Sunwest Bank, Fidelity National, Countrywide Home Loans and Dover Technologies.

"Central Orange County is a strong submarket with improving fundamentals," said Richard Pink, Managing Director at ING Clarion. "Vacancy rates in the area are trending lower, with no new office construction expected to be completed before 2009, and rents are rapidly increasing. Tustin Executive Center is well positioned within the market, highly respected by the brokerage community and has the potential to add value for our clients through rental increases and a value enhancement program. We are extremely pleased to add this property to our portfolio."