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The Prudential Insurance Company of America The Prudential Insurance Company of America ("Prudential"), a New Jersey based corporation, provides a variety of financial services to over 50 million people. In addition to traditional life insurance, Prudential also offers property and casualty insurance, group pensions, health care programs, reinsurance, and investments (corporate loans, publicly traded bonds and preferred stocks, common stocks, mortgages and real estate). In 1981, Prudential acquired Bache Group, Inc., the parent company of one of the nation's largest investment brokerage firms. As a result of this acquisition, Prudential can offer retail securities and commodities brokerage services, institutional research and sales, corporate and municipal underwritings and investment banking services. Prudential has over 26 million policyholders and over $456.2 billion insurance in force. In 1982, insurance sales totalled $67.1 billion and assets totalled $72.2 billion. Prudential's Real Estate Activity Prudential is one of the largest landlords in the United States with over 84 million square feet of office space, 51 million square feet of warehouses, 36 million square feet of showroom space, and 26 million square feet of retail space. Prudential also has a significant investment in hotels and agricultural land. Since 1970, Prudential's real estate focus has changed significantly as a reflection of certain changes in the nation's economy, especially inflationary trends. In 1970, over 90% of Prudential's real estate assets were in mortgages, most of which were secured by single-family residences. Since then, Prudential has changed its focus to participatory commercial and industrial mortgages, then to joint ventures, and then to property acquisitions by purchase. Current emphasis is on development for Prudential's own account, which has led to Prudential's proposed development of Hacienda Business Park in Pleasanton. Hacienda is Prudential's strongest commitment in Northern California and is expected to be one of the largest multi-use business parks in the United States. The San Francisco Real Estate Investment Office handles Prudential's real estate operations in Northern California. Recent development activity by Prudential in Northern California includes Moffett Park, a 521 gross acre industrial park in Sunnyvale, Oak Creek Business Park, a 277 gross acre park in Milpitas and Town Center Business Park, a 103 gross acre business park, also in Milpitas. Prudential was a joint venture partner with Embarcadero Center, a General Partnership, for the development of Embarcadero Center, which consists of four high-rise commercial and office buildings totalling 2.7 million square feet and an 801 room high-rise Hyatt Regency Hotel, located in the Financial District of downtown San Francisco. Prudential was also a joint venture partner with Southern Pacific Development Company for Pacific Gateway, a 30-story high-rise located in downtown San Francisco. The San Francisco Hilton, a joint venture of Prudential and Hilton Hotels Corporation is the largest hotel in the City of San Francisco, and consists of a 20-story hotel and a 48-story hotel tower, which together have a total of 1,704 rooms. -32-