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Douglas Emmett Acquires West Los Angeles Office Building

^{Published on 2010-10-22 14:45:41 - Market Wire}
 

SANTA MONICA, Calif.--([ BUSINESS WIRE ])--Douglas Emmett, Inc. (NYSE: DEI), a real estate investment trust (REIT), announced that its closed-end fund has acquired Wilshire Bundy Plaza, a class aAa office building totaling more than 310,000 square feet for a contract price of $111 million, or approximately $358 per square-foot. The asset is located in the Companya™s Brentwood submarket along the Wilshire Corridor. In conjunction with this transaction, the fund assumed an amortizing term loan with a current principle balance of approximately $56.4 million and a 5.67% interest rate. The loan matures on April 1, 2016.

The Company currently owns and operates 14 properties aggregating 1.7 million rentable square feet within its Brentwood submarket. This transaction increases the Companya™s market share within the Brentwood submarket to approximately 51% from 41%. Douglas Emmetta™s total commercial portfolio now consists of 57 office properties totaling approximately 14.6 million rentable square feet. The Company also owns 2,868 apartment units in Los Angeles and Honolulu.

About Douglas Emmett, Inc.

Douglas Emmett, Inc. (NYSE: DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in premier submarkets in Southern California and Hawaii. The Companya™s properties are concentrated in ten submarkets a" Brentwood, Olympic Corridor, Century City, Santa Monica, Beverly Hills, Westwood, Sherman Oaks/Encino, Warner Center/Woodland Hills, Burbank and Honolulu. The Company focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. The Company maintains a website at [ www.douglasemmett.com ].

Safe Harbor Statement

Except for the historical facts, the statements in this press release regarding Douglas Emmetta™s business activities are forward-looking statements based on the beliefs of, assumptions made by, and information currently available to us about known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on forward-looking statements to anticipate future results or trends. For a discussion of some of the risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see aRisk Factorsa in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission.