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July 25, 2016

King & Spalding Advises Douglas Emmett in $225 Million Joint Venture for Acquisition of West L.A. Office Building

LOS ANGELES, July 25, 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 $225 million in capital to fund the acquisition and operation of a 365,000-square-foot Class “A” office property located at 12100 Wilshire Blvd. in the Brentwood submarket of Los Angeles.

Douglas Emmett will manage the joint venture and plans to retain a 20 to 30 percent equity interest, with the remaining interests being held by institutional partners. The joint venture has obtained a non-recourse, $90 million, interest-only loan that matures in July 2019.

The King & Spalding real estate industry team on this transaction was led by partner Mark Thigpen and includes senior associate Doug Elsbeck, and associate Ava Jacobi. Partner Peter Genz and senior associate Robert Beard provided tax expertise on the transaction.

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