This is the second pairing of Charlesbank Capital Partners andDivco West. In 1998, they formed a joint venture that acquired andrepositioned the 570,000-sf Park Center Plaza in San Jose, CA.Divco West, which specializes in repositioning assets in growingmarkets, has acquired more than nine million sf of commercialproperty and 700 acres of land to date.

Commenting on the Manhattan Towers acquisition, Chip Douglas,managing director of Charlesbank Capital Partners says, "TheManhattan Beach/El Segundo submarket is one of the tightest officemarkets in the Los Angeles area, with rapidly increasing demand andlimited new supply. With the low vacancy and high rents of West LA,this area is seen as a value alternative, offering a desirablebeach community, nearby amenities and easy access to thefreeways."

Charlesbank Capital Partners is a private investment firm withmore than $2 billion of capital committed to acquisition andfinancing for growing corporations and real estate assets.