January 26, 2007 12:35 ET

Shea Commercial Changes Name to SAXA

New Name to Reflect Trend Into Larger and Mixed-Use Developments

SCOTTSDALE, AZ -- (MARKET WIRE) -- January 26, 2007 -- Scottsdale, Ariz.-based Shea Commercial announced today that its development operation will now be known as SAXA to reflect its expanded focus on diversified development offerings, including mixed use, industrial/flex, commercial subdivisions, investment properties, and mid-rise residential projects. SAXA will continue developing office condos throughout the country and currently is developing over 3 million feet in seven states. SAXA will operate under the continued leadership of Founder and CEO Jim Riggs.

Since its debut in 1994, the company has grown from a small office condo developer to a national mixed-used developer with over 35 active projects across nine states. Re-branding the company as SAXA will allow the company to further emphasize its strategic partnerships and developments within the commercial and residential arenas, as well as capitalize on its breadth of resources, depth of expertise, proven track record and respected management team.

"Our new name, SAXA, is derived from the Latin term for 'rock' and signifies that we have laid a solid foundation for this next phase of corporate development and profitable expansion," explains Jim Riggs, SAXA president and CEO. "Our corporate culture embraces change as an opportunity to continue diversifying our portfolio of successful ventures."

This announcement comes on the heels of the company's brokerage division becoming an affiliate under, and re-branded as, Prudential CRES Commercial Real Estate, one of the fastest growing commercial real estate networks in the country, to form a western regional brokerage office for Arizona and Nevada, with plans for expansion into Southern California.

Riggs explains, "By separating our brokerage and development services, we will speed the brokerage market penetration for Prudential CRES Commercial Real Estate while freeing up our internal resources to further leverage our development expertise. I look forward to focusing my efforts exclusively on SAXA's development projects across the country."

Riggs noted that SAXA is finalizing $500 million in funding to develop large, high-profile, mixed-use projects and office condos throughout the United States. The company has been recognized as the nation's largest developer of office condos and named Phoenix Developer of the Year for three of the last four years.

In line with the corporate name change, the company will also introduce a new website and logo during first quarter of 2007.

About SAXA

Scottsdale, Ariz.-based SAXA, formerly known as Shea Commercial, is the nation's largest developer of office condos and a leading developer of mixed-use projects that include retail, residential and office components. With approximately 3 million square feet developed in nine states, the company has earned seven NAIOP (National Association of Industrial and Office Properties) awards and is the industry pioneer in the office condo market. SAXA also maintains offices in Las Vegas and NYC. For more information, please call 480-624-5060.

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