LEASE AT FOOTHILL RANCH PROPERTY

IRVINE, CALIF. – The Irvine, Calif., office of Western States Technologies Inc., a Los Angeles-based real estate investment company, has announced that International Color Posters Inc. (ICP) has signed a five-year lease to fully occupy 50,000 square feet of space at 19651 Alter in Foothill Ranch, Calif. According to Todd Miller, vice president of Western States Technologies, the lease at the industrial R&D property is valued at $2.2 million.

Located near the intersection of Lake Forest Drive and Portola, 19651 Alter provides immediate access to the Portola Hills (241) Toll Road and the surrounding services and amenities of Foothill Ranch.

ICP is a leading, large-format printing company established in France nearly 30 years ago. The firm offers electronic pre-press services, high-end scanning, digital and large-format color printing, as well as other services from both its current corporate headquarters and printing facility in Lake Forest, Calif., and a digital lab in Irvine. ICP plans to consolidate some of its operations at the Alter property and be fully operational in the new location by March 1, 2002.

“ICP’s growth and expanding clientele necessitated its move to a larger facility that could better accommodate its printing services and business operations,” Miller said. “We are extremely pleased to welcome them as new tenants and look forward to a long, mutually beneficial relationship with them.”

Gregg Haly of CB Richard Ellis’s Newport Beach, Calif., office represented both Western States Technologies and the tenant in the lease negotiations.

Western States Technologies was established in Los Angeles in 1985. The company concentrates on the successful development, acquisition and rehabilitation of industrial and office properties. Currently, Western States Technologies owns and manages a mixed-use portfolio totaling more than one million square feet in Los Angeles, Orange, Riverside and San Bernardino counties.

The company's tenants include such global business leaders as Baxter Pharmaceutical, Dow Chemical, Gerber Technologies, International Paper, Jacuzzi, Kaiser Aerospace, MCI WorldCom, Mikasa, Oakley, R.C. Cola, Rockwell International and Union Carbide, among others. By incorporating its strong, hands-on asset management approach, the company has averaged occupancy rates of more than 97 percent portfolio-wide over the past five years.

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