The transaction, which is Arden's largest acquisition since itwas acquired by GE, will give the company title to new assets inSan Diego, Orange County, San Francisco, Seattle, Portland, OR andSalt Lake City in a deal expected to close in early August. Ardenpresident and CEO Joaquin de Monet tells GlobeSt.com that when theBlackstone transaction and other deals that Arden has in the worksare closed, the company will own 2.2 million sf more space than itdid when GE took over and will oversee holdings that are "verybroad in terms of our footprint" compared with what previously wasstrictly a Southern California portfolio.

The Arden chief adds that the deal reflects two importantcomponents of the company's strategy: its commitment to its coremarkets and the blueprint for new target markets throughout theWest Coast. "It reinforces our commitment to our local core marketswhere we've been and operated for years, and it's an opportunityfor us to gain critical mass and scale in our new markets," deMonet tells GlobeSt.com.

In addition, de Monet cites the value-added potential in theCarrAmerica properties that Arden is acquiring. The 82%-leasedportfolio offers upside through lease-up and also plays intoArden's strategy, which favors value-added investments, hesays.