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Press Release · December 5, 2001

Public Policy Institute Of California Purchases Financial District Building

Nonprofit Research Institute Acquires 500 Washington Street

SAN FRANCISCO, California, December 5, 2001 – The Public Policy Institute of California (PPIC) announced today that it has purchased 500 Washington Street in downtown San Francisco. PPIC purchased the 8-story, 100,000 square foot building – where it has leased space since 1995 -to insure a long-term location for the institute in San Francisco.

“We are pleased that PPIC now has a permanent home in San Francisco, ” says Ray Watson, Chairman of PPIC’s board of directors and Vice Chairman of the Board for the Irvine Company. “This purchase is a sign of PPIC’s commitment to California and to San Francisco as a location.”

PPIC purchased the building from Shuwa Investments of Tokyo for $30,390,000, effective December 3, 2001. The building was built in 1982 by Pacific Lumber to serve as the company’s headquarters. It was sold by Maxxam (which took over Pacific Lumber) to Shuwa in 1985. PPIC currently occupies three floors of the building, which is located at the corner of Washington and Sansome streets. The building is home to eleven other tenants, including retail stores, venture companies, and radio stations.

“The purchase of 500 Washington is a tangible symbol of our involvement in civic life in the Bay Area and our commitment to tackle the important public policy challenges facing the state – from K-12 education to poverty to the energy crisis,” says David Lyon, PPIC’s founding President and CEO. “It is an important step toward fulfilling the mission William Hewlett set for PPIC in 1994.”

The Public Policy Institute of California is a private, nonprofit organization dedicated to objective, nonpartisan research on economic, social, and political issues that affect the lives of Californians. The Institute was established in 1994 with an endowment from William R. Hewlett.