AMB Property Corporation Generates $125 Million in Gross Proceeds With the Sale of a 21 Acre Parcel at Los Angeles International Airport

SAN FRANCISCO, July 28 /PRNewswire-FirstCall/ -- AMB Property Corporation(R) (NYSE: AMB), a leading global owner, operator and developer of industrial real estate, today announced the completion of the sale of a 21 acre parcel at Los Angeles International...


SAN FRANCISCO, July 28 /PRNewswire-FirstCall/ -- AMB Property Corporation(R) (NYSE: AMB), a leading global owner, operator and developer of industrial real estate, today announced the completion of the sale of a 21 acre parcel at Los Angeles International Airport (LAX) to Los Angeles World Airports (LAWA) for a sales price of approximately $125 million.

The parcel, known as Park One, is located on the northwest corner of Sepulveda and Century Boulevards, immediately adjacent to LAX Terminal 1. AMB acquired the property, which represents the only privately-owned parking lot adjoining the terminals at LAX, in 2002.

"We are pleased to announce the successful execution of the sale of this strategically located asset. The sale of this property marks a significant milestone in our disposition program--we are now well ahead of our deleveraging plans," said Hamid R. Moghadam, AMB's chairman & CEO. "Our long-standing relationship with LAWA is an important one, and they brought great integrity and acumen throughout our negotiations."

"Park One has been the only remaining parcel of real estate not yet owned by LAWA that is immediately adjacent to LAX and not separated by a major thoroughfare. Acquiring this property provides us with a strategic and rare opportunity," said Gina Marie Lindsey, executive director of Los Angeles World Airports (LAWA), that owns and operates LAX and two other Southern California airports.

AMB Property Corporation.(R) Local partner to global trade.(TM)

AMB Property Corporation(R) is a leading owner, operator and developer of industrial real estate, focused on major hub and gateway distribution markets in the Americas, Europe and Asia.
As of June 30, 2009, AMB owned, or had investments in, on a consolidated basis or
through unconsolidated joint ventures, properties and development projects expected to total approximately 156.9 million square feet (14.6 million square meters) in 48 markets within
14 countries. AMB invests in properties located predominantly in the infill submarkets of its targeted markets. The company's portfolio is comprised of High Throughput Distribution(R) facilities--industrial properties built for speed and located near airports, seaports and ground transportation systems.

AMB's press releases are available on the company website at www.amb.com or by contacting the Investor Relations department at +1 415 394 9000.

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