March 24, 2020
Company name:
Representative:

Inquiries:
Tel:ES-CON JAPAN Ltd.
Takatoshi Ito, President &Representative Director(TSE 1st Section, code: 8892)
Minoru Nakanishi, Senior
Managing Director+81-3-6230-9308

Notice on Participation in Joint Development Project of For-Sale Condominium
in Los Angeles County, California
ES-CON JAPAN Ltd. (ES-CON JAPAN) announces that it established ESCON USA II, LLC (ESCON USAII), a local subsidiary in the U.S., and decided to participate in 520 Project (investment in 520 Investor
LLC), a development project in Los Angeles County, California, implemented by Adept Development (agroup consisting of Povac Investment, Inc. engaged in real estate development project management andconstruction and American General Design engaged in design), which conducts real estate development
mainly in California.
1. Background and Purpose
The purpose of the project is to conduct renovation work and floor expansion of an existing office building
and multi-story parking garage in the city of Glendale, Los Angeles County, California, and sell them as afor-sale condominium.
California, where the project is to be implemented, has the largest population among all states in the U.S.
Development in Glendale has continued since the 1970s when the freeway network in Los Angeles wasextended, and the city has the third largest population in Los Angeles County following Los Angeles andLong Beach. In addition, shopping malls, hospitals, schools, etc. located in the surrounding area offerexcellent convenience.
520 Project is a development project consisting of two projects namely Tower 520 Central and Tower 521
Orange. Tower 520 Central is a project to renovate an existing office building with eight floors above
ground*1 and Tower 521 Orange is a project to increase the number of floors of a parking garage fromfour to nine floors above ground. Both the office building and the parking garage are scheduled to be soldas a for-sale condominium.
Spearheading the project is Adept Development (Head office: Pasadena, Los Angeles County), a groupthat performs the three functions of real estate development project management, design, andconstruction, and provides mixed-use development throughout Southern California. It has a track recordof renovating office buildings in Glendale, where the project will be implemented, as well as in nearby
Pasadena and converting them into condominiums, and of developing apartments, etc. in other locations
in California.
Following investment in a real estate investment fund in Hawaii and a development project of a for-salecondominium in the Bangkok Metropolitan Region, Thailand, ES-CON JAPAN will accumulate further
knowledge and know-how on overseas real estate development projects by participating in this project.
ES-CON JAPAN will continue its global implementation of a multifaceted real estate business that cancontribute to society.
*1 Including some offices.

-1-2. Project Overview
520 Project (Tower 520 Central/Tower 521 Orange)
Address520 Central Avenue/521 N. Orange Street Glendale, California 91203
Site area
5,044 m2
Total floor area
22,661 m2
Exclusive area
12,384 m2
Floors (planned)
Tower 520 Central, 8F/Tower 521 Orange, 9F
Total number of units
Tower 520 Central, 53 units/Tower 521 Orange, 45 units(planned)
Planned completion
Late October 2022
Planned investment
Approximately 460 million yen
amount by ES-CON
JAPAN【Graphic rendering of the property】

External appearance of Tower 520 Central

External appearance of Tower 521 Orange

3. Subsidiary Overview
Subsidiary overview
Subsidiary name
ESCON USA II (LLC) CO., LTD.
Address
Delaware, USA
Establishment
February 2020
DirectorToru Kumaki
4. Impact on Operating Results
The impact of the investment on ES-CON JAPAN’s operating results for the current fiscal year is currently
negligible.

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