WORLD PROPERTY CHANNEL ®

(LOS ANGELES, CA) -- Pacific Office Properties Trust, Inc. (NYSE Amex: PCE), a West Coast office REIT and the largest office builder in Hawaii, has closed  a new $10 million, two-year revolving credit facility with First Hawaiian Bank, a subsidiary of BNP Paribas.

Jay Shidler

"We are pleased to have completed this financing, particularly considering today's restrictive credit markets," says Jay Shidler, chairman of Pacific Office.

"The new revolving credit facility enhances our financial flexibility while reducing our overall borrowing costs. We look forward to a long and mutually beneficial partnership with First Hawaiian Bank and BNP Paribas as we continue to pursue our strategic growth initiatives."

Shidler adds, "I have had a strong 36-year relationship with First Hawaiian Bank. As Hawaii's largest office building owner, it's both logical and highly beneficial that Pacific Office has a significant relationship with Hawaii's largest bank."

Pacific Office also announced  it has paid off and terminated its existing revolving credit facility with KeyBank National Association. The amount was not disclosed.

Proceeds of the First Hawaiian Bank credit facility, which matures Sept. 2, 2011, will be used for working capital and general corporate purposes, including capital expenditures and the issuance of commercial and standby letters of credit.

Amounts borrowed under the facility will bear interest at one percentage point per year over the annual percentage yield paid by First Hawaiian Bank on time certificates of deposit.

Additional details of the new credit agreement and the termination of the Key Bank facility are outlined in the company's Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission.

BNP Paribas was recently ranked 29th on the Forbes Global 2000 list of the world's largest companies.

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