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April 26, 2017

King & Spalding Advises Douglas Emmett in $352.8 Million JV for Acquisition of Two Santa Monica Office Buildings

LOS ANGELES, April 26, 2017 — 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) and another sovereign wealth fund investor. The joint venture provided $352.8 million in capital to fund the acquisition of two downtown Santa Monica office properties totaling 293,000 square feet.

The joint venture has obtained a non-recourse, $142 million interest-only loan that matures in July 2019. The same consolidated joint venture also acquired 12100 Wilshire Boulevard and 233 Wilshire Boulevard in 2016, in which King & Spalding advised Douglas Emmett on the acquisitions 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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