PSEG Announces the Sale of Qwest Building

NEWARK, N.J., Dec. 9, 2011 /PRNewswire/ -- PSEG today announced the closing of the sale of the 1801 California Street building, Denver, Colorado, to a consortium of investors led by Brookfield Office Properties Inc. The property was sold "as-is" for $215 million.   

The building, constructed in 1983, is a 54-story, 1.37 million square foot office building that was previously commonly referred to as the "Qwest Building."  PSEG has owned the building since 1991.  The sale of the Qwest Building is part of PSEG's ongoing efforts to focus on energy investments in the United States.  The building was owned by PSEG Energy Holdings, a wholly owned subsidiary of PSEG.  The financial impact of this transaction will be reflected in income from continuing operations and not in operating earnings for the fourth quarter of 2011.

PSEG is a diversified energy company based in Newark, New Jersey. 

FORWARD-LOOKING STATEMENT

The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from what may actually occur. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC). These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication.  Forward looking statements made in this communication only apply as of this date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.

Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of more than $12 billion, and three principal subsidiaries: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings.

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SOURCE Public Service Enterprise Group (PSEG)

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