LAWA COMPLETES PURCHASE OF 20-ACRE PARCEL EAST OF TERMINAL 1 AT LAX;
SITE TO CONTINUE TO OPERATE AS AIRPORT PARKING LOT

         Los Angeles World Airports today announced completion of the purchase of a 20-acre parcel just east of Terminal 1 at Los AngelesInternationalAirport (LAX) for $125 million.  Airport officials plan to continue the existing lease of the property to a private operator who operates the property under the name Park One and to receive lease revenues.

            “This is a strategic purchase opportunity of a site directly adjacent to LAX,” said Gina Marie Lindsey, executive director of Los Angeles World Airports (LAWA), that owns and operates LAX and two other Southern California airports.  “It is the last piece of real property not separated from LAX by a major roadway not owned by LAWA.” She added, “Our ability to purchase the property is a unique opportunity.”

            The sellers of the property are West Century, L.L.C.; AMB Park One at LAX, L.L.C; and AMB Property L.P.  The property was purchased with airport revenue funds only, and there is no impact to the City of Los Angeles general fund.