Benaroya, McKernan & O’Keefe Establish Data Center Alliance

SEATTLE, June 28, 2011 -

The Benaroya Company, Real Property Investors and O’Keefe
companies have joined forces to acquire, develop and operate data
centers. The three companies have been partners on a variety of
commercial projects over the past 25 years. These projects have
included the acquisition and development of data centers, high tech
business parks, office buildings, industrial parks and shopping
centers.

“Our increased focus on data centers is based on the tremendous
growth in demand for data center space,” said Larry Benaroya,
principal of The Benaroya Company. “We recently completed
construction of our state of the art LEED Gold Certified South Hill
Data Center in Puyallup, Washington. After meeting with many data
center users and evaluating the dynamics of the market we have
become convinced that there is a significantly larger need and
demand.”

Mike McKernan, CEO of Real Property Investors states, “The U.S.
market is filled with a large number of traditional high quality
production facilities which are ideal for adaptive reuse as data
centers. Many companies also have existing data centers that no
longer satisfy their needs. Our recent acquisition of a former HP
data center in Boise is a good example.”

“This isn’t just about consumer cloud computing,” states Tom T.
O’Keefe, principal of O’Keefe companies. “There is a tremendous and
rapidly increasing need for secure data center space for social
media, business and financial, medical, legal and municipal
requirements. Computers may be getting smaller but images and
multimedia files continue to grow in size. Also, more efficient
“green” data center facilities are an absolute requirement for many
users while they evaluate their future data center needs.”

About The Benaroya Company

Established in 1956, The Benaroya Company ( href="www.benaroya.com/">www.benaroya.com) is a
leading full-service commercial real estate company active in
acquiring, developing and managing superior data center, office,
high-tech, retail and industrial properties in prime locations
throughout the Pacific Northwest.  Additionally, The Benaroya
Company is actively investing in high-tech companies throughout the
region.

About Real Property Investors, LLC

Real Property Investors, LLC was founded in 1986 by Mike
McKernan in Seattle to acquire, lease and rehabilitate commercial
properties in the Pacific Northwest.  Recent high-tech
projects completed in association with The Benaroya Company include
the acquisition conversion to office and sale of the Jabil Circuit
Building in Boise, the acquisition and sale of the former Komatsu
silicon chip manufacturing facility in Hillsboro Oregon, the
acquisition and repositioning of both the Seattle-area South Hill
Data Center and Boise Data Center . Since its inception, Real
Property Investors has completed over $500 million in transactions
related to data center, high-tech, office, retail and industrial
projects.

About O’Keefe companies

O’Keefe companies, a Seattle based company, was founded as
O’Keefe Development Corporation in 1986 by Tom T. O’Keefe.
 O’Keefe companies develops, acquires, markets and manages a
diverse portfolio of data center, office, industrial, retail and
multi-family projects.  O’Keefe companies has developed or
acquired in excess of four million square feet of commercial real
estate projects to date.

Lisa Goodman, +1-206-619-5343, lisag at benaroya.com