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Adobe Acquires San Jose Commercial Development Site for $25 Million


5.5-Acre Downtown Parcel Provides for Future Headquarters Expansion; Includes Historic San Jose Water Company Building

SAN JOSE, Calif. — April 18, 2006 — Adobe Systems Incorporated (Nasdaq:ADBE) today announced it has entered into agreements with SJW Land Company and San Jose Water Company, wholly owned subsidiaries of SJW Corp. (Amex: SJW), to purchase approximately 5.5 acres of commercial property located at 374 West Santa Clara Street in downtown San Jose. The transaction, valued at $25 million, is expected to close by August 2006, subject to satisfaction of due diligence and certain closing conditions.

“We saw the opportunity to acquire land Adobe would need to assure future growth in downtown San Jose,” said Randy Knox III, Director of Real Estate, Facilities and Security for Adobe. “Although we don’t have immediate plans to build on the new site in San Jose, it is an important investment in the future of Adobe and in the city. Adobe remains committed to growing in the Bay Area. We’re presently expanding in San Francisco, building out office space at 625 Townsend Street adjacent to our existing facility at 601 Townsend.”

Located near Adobe’s existing headquarters complex, the Santa Clara Street site could accommodate approximately 1 million square feet of office space. Headquarters for the San Jose Water Company is located on the site today, including a 15,900 square foot office building constructed in 1934. This building was designated eligible for the National Register of Historic Places in 1990 and as a San Jose City Landmark in 1991. Adobe said any future development plans would be designed to keep the exterior of the historic building intact. Under terms of the agreements, the San Jose Water Company would have the option to lease the buildings and designated parking until June 2008.

Adobe currently leases approximately 950,000 square feet of office space for its San Jose headquarters complex. Located at Park Avenue and Almaden Boulevard, the complex is comprised of three office towers currently housing approximately 2,300 employees with total capacity for more than 2,800 employees.

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