The company has four property sales pending that will total $57 million and result in a $7.3-million gain in the first quarter 2006. The properties total 765,782 sf and are located in Memphis, Des Moines, Indianapolis and Florham Park, NJ. The company also is in the process of recapitalizing and reducing its interest in one of its land and development joint ventures.

The transactions will substantially complete the company's effort to exit Midwest markets and concentrate on its core coastal markets. Those market include Washington, DC, Southern California, Northern New Jersey, Boston and Northern California. The company's assets in Washington, DC and Southern California comprise 50% of its 8.7-million-sf, 48-property portfolio.

In the fourth quarter 2005, Glenborough sold 1.2 million sf in seven properties for total consideration of $115.4 million, with the actual gain expected to come in around $31.9 million. In so doing, it exited the Chicago, Minneapolis and St. Louis markets.