Press Release
June 1, 2001
SAN FRANCISCO, CA -- Catellus Development Corporation (NYSE:CDX) announced yesterday that it has completed the
first of two land sales at Santa Fe Place in downtown San Diego to Bosa Development of Vancouver, Canada for a
total consideration of approximately $13.4 million. Bosa plans to develop a 39-story, 220-unit luxury condominium
project on the site. Construction is scheduled to begin in the fall of 2001 and take approximately 24 months to
complete. The second parcel sale of approximately the same size and value is expected to close later in 2001.
Nelson C. Rising, chairman and chief executive officer of Catellus, commented, ``We are extremely pleased that
the Bosa organization, with its outstanding reputation for quality, will be the developers of this stunning condominium
project at Santa Fe Place. When combined with our planned office development, San Diego will have a new center
of commerce and living that will be at the heart of the region's transportation hub.''
According to Nat Bosa, president of Bosa Development, the new urban residences will continue the revitalization
of San Diego's downtown housing market. ``San Diego is in the midst of an historic transformation that will establish
a true urban core for the region. A critical element is ensuring opportunities for people to both work and live
downtown.''
Santa Fe Place, a 15-acre site surrounding the historic Santa Fe train depot, is approved for the development of
3.3 million square feet of office, residential, hotel and retail uses. Catellus is currently marketing One Santa
Fe Place, the first of two Class A office towers planned for development located adjacent to Bosa's condominium
projects.
Catellus Development Corporation is one of the nation's premier diversified real estate development companies.
The Company specializes in developing, managing and investing in a broad range of product types including industrial,
residential, office, retail and major urban development projects. It owns a portfolio of rental properties totaling
29.2 million square feet and one of the largest portfolios of developable land in the Western United States capable
of supporting over 47 million square feet of new commercial development and an estimated 11,200 residential lots
and units. More information on the Company is available at www.catellus.com.
This release contains forward-looking statements including statements concerning plans; opportunities; markets
and economic conditions; leasing, development, construction, rental, and sales activities; and property values.
We do not undertake any obligation to revise these forward-looking statements to reflect future events, changes
in circumstances, or changes in beliefs. These statements by their nature involve risks and uncertainties. In particular,
among the factors that could cause actual results to differ materially from the results expressed in or implied
by such statements are: changes in the real estate market or in general economic conditions, including the possibility
of a general economic slowdown or recession; industry competition; changes in interest rates and capital markets;
discretionary government decisions affecting the use of land, and delays resulting therefrom; changes in the management
team; changes in tax laws; weather conditions and other natural occurrences that may affect construction or cause
damage to assets; liability for environmental remediation and changes in environmental laws and regulations; failure
or inability of third parties to fulfill their commitments or to perform their obligations under agreements; failure
of parties to reach agreement on definitive terms or to close transactions; costs and availability of land and
construction materials; changes in policies and practices of organized labor groups; shortages in electrical power;
and other risks inherent in the real estate business.
Forfurther information on factors, which could affect the company and the forward-looking statements in this release,
the reader should refer to the company's report on Form 10-Q for the fiscal quarter ended March 31,2001, and on
Form 10-K for the fiscal year ended December 31, 2000, filed with the Securities and Exchange Commission.
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Contact:
Catellus
Pamela Matthews, 415/974-4616 (media)
Minnie Wright, 415/974-4649 (investors)