SANTA MONICA, CA (REIT Media) - Douglas Emmett, Inc. (NYSE: DEI), a real estate investment trust (REIT), announced today that it has acquired a 78,298 square-foot office building located at 932 Ward Avenue in Honolulu, Hawaii. As part of the same transaction, Douglas Emmett also acquired all of the assets of The Honolulu Club, a private membership athletic and social club, which is located in the building. The aggregate contract price was approximately $18 million and the purchase was made in a joint venture with Richard Gushman, who has served as Douglas Emmett’s local partner on most of its prior Hawaii acquisitions. The joint venture financed the acquisition with an $18 million loan obtained from Wells Fargo at a floating interest rate of LIBOR plus 125 basis points. The loan has a term of two years with a one-year extension.

This acquisition increases Douglas Emmett’s Honolulu commercial portfolio to 757,635 total rentable square feet from 679,337 rentable square feet. Douglas Emmett also owns 1,098 multifamily units in 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 targeted submarkets in California and Hawaii. The Company’s properties are concentrated in ten premier submarkets – Brentwood, Olympic Corridor, Century City, Santa Monica, Beverly Hills, Westwood, Sherman Oaks/Encino, Warner Center/Woodland Hills and Burbank and Honolulu, Hawaii. 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. For more information on Douglas Emmett, please visit the Company’s Web site at www.douglasemmett.com.

Safe Harbor Statement: Except for the historical facts, the statements in this press release regarding Douglas Emmett’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 past forward-looking statements to anticipate future results or trends. For a discussion of some of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Douglas Emmett, Inc.
Mary Jensen, Vice President – Investor Relations
310-255-7751
mjensen@douglasemmett.com