Released on = December 20, 2005, 4:47 pm

Press Release Author = Wachovia Bank / The Abbey Company

Industry = Financial

Press Release Summary =
The Abbey Company recently completed the refinancing of a significant portion of its
Southern California commercial property portfolio. Funding was provided by Wachovia
Bank, National Association. The $291,490,000 multi-property debt recapitalization
provides The Abbey Company with significant net proceeds after the defeasance of
$172 million of existing debt while reducing the company's debt service costs and
extending the loan maturity on all of its fixed-rate debt.

Press Release Body = LONG BEACH, Calif. (Dec. 20, 2005)―The Abbey Company
recently completed the refinancing of a significant portion of its Southern
California commercial property portfolio. Funding was provided by Wachovia Bank,
National Association. The $291,490,000 multi-property debt recapitalization provides
The Abbey Company with significant net proceeds after the defeasance of $172 million
of existing debt while reducing the company's debt service costs and extending the
loan maturity on all of its fixed-rate debt. The 10-year, securitized senior
mortgage financing has a fixed interest rate of 5.19 percent and includes 35 office,
industrial, and retail properties with a total of 3,125,000 square feet. The Abbey
Company is a commercial real estate investment and management company with 44
investment properties totaling 4,1000,000 square feet in Los Angeles, Orange, San
Bernardino, Riverside and San Diego counties and the outlying cities of Fresno,
Palmdale and Lancaster. Wachovia Bank, National Association, based in Charlotte,
N.C., is one of the country's largest providers of commercial real estate financing.
"This transaction is the direct result of The Abbey Company's successful
implementation of its value-added business plan over the last 15 years to acquire,
upgrade, manage and retain a portfolio of commercial property throughout Southern
California," said Don Abbey, the company's founder and CEO.
"Now, the next phase of The Abbey Company's business plan is to acquire an
additional $250 million in value-added commercial property throughout California
through a newly formed joint venture with a national pension fund advisor," added
Mike Jenkins, the company's chief investment officer.
The Abbey Company's existing relationship with Wachovia was instrumental in
undertaking this complex refinancing transaction. In addition to providing the new
financing, Wachovia assisted The Abbey Company with defeasance of existing debt on
the 35 properties. Wachovia had previously provided the company with financing to
complete the 2002 repurchase of an institutional partner's interest in The Abbey
Company.

About The Abbey Company
The Abbey Company (www.theabbeyco.com) was established in 1990 by Donald G. Abbey.
The company is a vertically integrated real estate organization that handles its own
acquisition, leasing, property management and construction services. The company's
investment program is focused on value-added commercial real estate, including
office, industrial, business / commerce parks, and retail properties. The company is
headquartered in Long Beach, Calif. at the Catalina Landing Office Complex, one of
its recent investments.


Web Site = http://www.theabeyco.com

Contact Details = For more information:
Joel S. Glass
Marketing Director
562-216-1696
jglass@theabbeyco.com