Exhibit 99.1
News Release
PS Business Parks, Inc.
701 Western Avenue
Glendale, CA 91201-2349
www.psbusinessparks.com
- --------------------------------------------------------------------------------
For Release: Immediately
Date: February 24, 2009
Contact: Edward A. Stokx
(818) 244-8080, Ext. 1649
PS Business Parks, Inc. Announces New Director
GLENDALE, California--PS Business Parks, Inc. (NYSE:PSB) announced today that
Jennifer Holden Dunbar has joined the Board of Directors. Her election by the PS
Business Parks' Board was effective February 23, 2009. The PS Business Parks'
Board now has a total of nine directors.
Ms. Dunbar, 45, has been a member of the Board of Directors of Big 5 Sporting
Goods Corporation since 2004. Since 2001, she has been the managing director and
was the co-founder of Dunbar Partners, LLC, an investment/advisory firm that
makes direct investments in and provides strategic, due diligence and human
capital services to private equity firms and middle market companies. Ms. Dunbar
was previously a partner with Leonard Green and Partners where she spent ten
years investing in private equity transactions and serving on numerous public
and private company boards.
"We are pleased to welcome Jennifer to the PS Business Parks' Board of
Directors," said Joseph D. Russell, Jr., President and Chief Executive Officer
of PS Business Parks. "As a seasoned investment professional, we look forward to
Jennifer bringing her broad-based business knowledge and experience to our
Board."
Company Information
PS Business Parks, Inc., a member of the S&P SmallCap 600, is a self-advised and
self-managed equity real estate investment trust ("REIT") that acquires,
develops, owns and operates commercial properties, primarily flex, multi-tenant
office and industrial space. The Company defines "flex" space as buildings that
are configured with a combination of office and warehouse space and can be
designed to fit a number of uses (including office, assembly, showroom,
laboratory, light manufacturing and warehouse space). As of December 31, 2008,
PSB wholly owned approximately 19.6 million rentable square feet with
approximately 3,800 customers located in eight states, concentrated in
California (5.8 million sq. ft.), Florida (3.6 million sq. ft.), Virginia (3.0
million sq. ft.), Texas (2.9 million sq. ft.), Maryland (1.8 million sq. ft.),
Oregon (1.3 million sq. ft.), Arizona (0.7 million sq. ft.) and Washington (0.5
million sq. ft.).
Additional information about PS Business Parks, Inc. is available on the
Internet. The Company's website is www.psbusinessparks.com.
-----------------------
# # #