HONOLULU--(BUSINESS WIRE)--Jan. 27, 2006--A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc. (NASDAQ:ALEX), and related companies have purchased for $21.4 million the two-building Ninigret Office Park, situated within a 175-acre development called Ninigret Business Park, located ten miles west of downtown Salt Lake City, Utah. The two buildings, on adjacent parcels totaling 20 acres, offer a total of 185,000 square-feet of leasable space. The property was acquired in a Section 1031 tax-deferred exchange, using proceeds from other properties recently sold by A&B. The transaction closed today. The property was purchased from affiliates of the master developer of Ninigret Business Park, Ninigret Park Development L.C.

The two buildings were constructed between 1999 and 2002 and are nearly identical in design and appearance. Distinguishing features of the buildings include dual feed high-capacity fiber-optic service, high-efficiency electrical transformers with large-capacity backup electrical generator systems, raised floor systems on all floors and a superior parking ratio of eight stalls per 1,000 square feet of office area.

Tenants at the property include Teleperformance USA, a part of the French-based SR Teleperformance Group, which occupies the entirety of one of the buildings, Federal Express, Land America Financial Group, NTP, and Silicon Valley Bank.

The property is located three miles south of Salt Lake International Airport and it fronts the 201 Freeway, and is in close proximity to the I-15 and I-80 Freeways. The office buildings are at the front of the Ninigret Business Park, which is currently improved with 2.5 million square feet of commercial space.

Ninigret joins A&B's 20-property Mainland investment portfolio that includes, in Utah, the Centennial Plaza, a three-building 244,000 square-foot industrial facility purchased in 2003. "A&B is investing again in Utah due to its attractive demographics and an increasing demand for well-designed office space," explained Norbert M. Buelsing, executive vice president of A&B Properties, Inc. "Utah is the fourth-fastest growing state in the nation, with job counts increasing by 3.5 percent in the last year -- over twice the national average -- evidence of its favored status among many businesses."

A&B's income portfolio of commercial properties in Hawaii and on the U. S. mainland now consists of more than 5.3 million square feet of leasable retail, office and industrial space. A&B owns 91,000 acres in Hawaii, making it the state's fourth largest private landowner. The majority of A&B's recent acquisition and investment activity has been focused on Hawaii, where various A&B development projects are ongoing on Oahu, Maui, Kauai and the Big Island.

A&B Properties, Inc. (www.abprop.com) is the real estate subsidiary of Alexander & Baldwin, Inc., a diversified corporation headquartered in Honolulu. A&B's major lines of business are ocean transportation (Matson Navigation Company, Inc. and Matson Integrated Logistics, Inc.); real estate (A&B Properties, Inc.); and food products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company, Inc.). Additional information about A&B may be found at its web site: www.alexanderbaldwin.com.

Statements in this press release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Factors that could cause actual results to differ materially from those contemplated in the statements include, without limitation, overall economic conditions, failure to satisfy the closing conditions set forth in the definitive agreement and other risks associated generally with acquisitions and developments. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Annual Report on Form 10-K and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release.

CONTACT: Alexander & Baldwin, Inc. Linda Howe, 808-525-6642 lhowe@abinc.com SOURCE: Alexander & Baldwin, Inc.