Exhibit 10.1

PS BUSINESS PARKS, L.P.

AMENDMENT TO AMENDED AGREEMENT OF LIMITED
PARTNERSHIP TO AUTHORIZE SPECIAL ALLOCATIONS

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This Amendment to the Amended Agreement of Limited Partnership of PS Business
Parks, L.P., a California limited partnership (the “Partnership”), dated as of
January 1, 2017, amends the Agreement of Limited Partnership of the Partnership
dated as of March 17, 1998, as previously amended, by and among PS Business
Parks, Inc. (the “General Partner”) and all of the Limited Partners, who are
described in  the attached Exhibit A (the  “Partnership Agreement”).

The Partners wish to amend the Partnership Agreement to allow for special
allocations as set forth below, and accordingly, amend the Partnership
Agreement, effective as of the date of this amendment, as follows:

Section 1.  Definitions.  Capitalized terms not otherwise defined in this
amendment shall have the meanings given to them in the Partnership Agreement.

Section 2.  Allocations.  Section 6.1 of the Partnership Agreement concerning
allocation of profit and loss is amended to add at the end of that subsection a
new clause Section 6.1(i) to read, in its entirety, as follows:

“(i)Special Allocations.  Notwithstanding anything to the contrary in this
Agreement, the General Partner shall have the authority to specially allocate
items of Partnership income, expense, gain or loss to the Partners provided that
the special allocations are agreed to by all Partners.”

Section 3.  No Other Changes.  Except as otherwise set forth above, the
Partnership Agreement continues in full force and effect.

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GENERAL PARTNER

LIMITED PARTNERS

PS Business Parks, Inc.

PS Business Parks, Inc.

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By: /s/ Maria R. Hawthorne

By: /s/ Maria R. Hawthorne

Name: Maria R. Hawthorne

Name: Maria R. Hawthorne

Title: President and CEO

Title: President and CEO

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Public Storage

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By: /s/ Lily Yan Hughes

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Name: Lily Yan Hughes

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Title: Senior Vice President,

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Chief Legal Officer and

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Corporate Secretary

 

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Exhibit A

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Partner/Capacity

No. of Units

Percentage Interest

General Partner (common units):

 

 

PS Business Parks, Inc.

80,180  0.242% 

Limited Partners (common units):

 

 

PS Business Parks, Inc.

25,695,998  77.675% 

Public Storage

7,305,355  22.083% 

Limited Partner (preferred units):

 

 

PS Business Parks, Inc.

all outstanding preferred units

n/a

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