Irvine Company Names Val Wheeler Chairman of Office Properties Division; Longtime Hines Executive Doug Holte Succeeds Him as President; Steve Case Promoted to Executive Vice President

The Irvine Company announced today that Val Wheeler, president of the company’s Office Properties division, has assumed the newly created position of division chairman and that Doug Holte, a longtime executive with Hines Interests, the international development firm, will succeed Wheeler as president.

Wheeler, 64, joined the Irvine Company in July 2003 as senior vice president of Asset Management, Office Properties. As Office Properties president since 2007, he has overseen the division’s rapid expansion throughout the state: the Irvine Company now owns and operates 475 office properties in San Diego, Orange and Los Angeles counties, and Silicon Valley.

“Val has done a remarkable job guiding Office Properties into one of the nation’s largest and most diverse portfolios of top-quality properties,” said Richard Gilchrist, president of the Irvine Company’s Investment Properties Group. “I am very pleased he is assuming the new position of chairman.”

Wheeler transitions into his new role fresh from leading Office Properties in one of its most successful years ever – despite the extremely difficult market conditions brought on by the national economic downturn. Over the past fiscal year, Wheeler and his team signed 6.7 million square feet in new or renewed leases and have already added another 1 million square feet since July 1.

Holte, who will succeed Wheeler as division president, is a highly regarded industry veteran who comes to the Irvine Company with a lengthy and distinguished commercial development resume. He has spent more than 20 years as a top executive at Hines, one of the largest and most respected real estate companies in the world. Most recently, the 47-year-old Holte was one of four regional partners responsible for development projects, new investments and asset management in the Western United States.

In that role, he was responsible for development of the first two California office buildings to be pre-certified under the U.S. Green Building Council’s LEED – Core & Shell program, as well as a new office campus in Irvine developed under the nation’s first Green Development Fund with the California Public Employees’ Retirement System (CalPERS).

“We’re very fortunate that the reins of Office Properties president are being handed to someone of Doug Holte’s caliber,” Gilchrist said. “His credentials are impeccable: Over his two-decade career with Hines, he was responsible for more than $3 billion of office and life science property developments and investments. Not only is he highly accomplished, he is widely admired for his creativity and leadership, as well as his passion for providing superior customer service – a cornerstone of our division.”

Holte received his Bachelor of Arts in International Relations from the University of Southern California in 1983 and a Master of Business Administration from Harvard Graduate School of Business in 1987.

In a third Office Properties-related development, the company announced that Steve Case has been promoted to executive vice president of Office Properties. Case, 51, has been a senior vice president for leasing in the Irvine Company’s Office Properties division since 2004. In his new role, he will continue to lead the leasing team, as well as expand his involvement in operations and other Division activities.

In announcing Case’s promotion, Gilchrist noted the instrumental role Case has played in Office Properties’ expansion and success.

About Irvine Company
The Irvine Company is one of America’s most respected and diversified private real estate companies. It is known internationally for its best-of-class portfolio of premier real estate. The commercial real estate portfolio comprises office, apartment, retail and resort properties, plus new residential communities in Orange County, San Diego, Los Angeles and Silicon Valley.

About Irvine Company Office Properties
Irvine Company Office Properties owns and operates 475 premier quality properties in the most prestigious coastal markets in San Diego, Orange and Los Angeles counties and the Silicon Valley. It takes a long-term view, focusing on the total customer experience and reinvestment.