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September 27, 2016

King & Spalding Advises Douglas Emmett in $139.5 Million JV for Acquisition of Santa Monica Office Building

LOS ANGELES, Sept. 27, 2016 — King & Spalding advised real estate investment trust Douglas Emmett, Inc., one of the largest owners and operators of office and multifamily properties located in Los Angeles and Honolulu, in a joint venture with Qatar Investment Authority (QIA). The joint venture will provide $139.5 million in capital to fund the acquisition of 233 Wilshire Blvd., a 129,000-square-foot, Class "A" office property located at the entrance to the Santa Monica Third Street Promenade.

The joint venture has obtained a non-recourse, $56 million interest-only loan that matures in July 2019. Concurrent with the purchase of the property, Douglas Emmett reduced its capital interest in the joint venture to 20 percent through the sale of its remaining interest to another sovereign wealth fund investor.

These transactions did not affect the separate, consolidated joint venture that acquired four office buildings in West Los Angeles in February 2016, in which King & Spalding advised Douglas Emmett on the acquisition and joint venture with QIA to fund the purchase of the properties.

The King & Spalding real estate team on this transaction was led by partner Mark Thigpen and includes senior associate Doug Elsbeck and associate Ava Jacobi. Partners Peter Genz and Jonathan Talansky provided tax expertise on the transaction.

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