Douglas Emmett Acquires Class A Office Building Within Its Olympic Corridor Submarket

    SANTA MONICA, Calif., Oct. 31 /PRNewswire-FirstCall/ --- Douglas
 Emmett, Inc. (NYSE:   DEI), a real estate investment trust (REIT) whose
 primary focus is owning and acquiring top-tier office properties and
 multifamily communities within targeted submarkets, announced today that it
 has acquired Cornerstone Plaza, an 8-story, Class A office building
 comprised of approximately 174,000 square-feet for a contract price of $84
 million, or approximately $484 per square foot. This acquisition increases
 the Company's assets within the Olympic Corridor submarket to 5 office
 buildings, totaling approximately 1.1 million rentable square feet.
     Jordan Kaplan, President and CEO, commented, "We are extremely pleased
 to have acquired this high-quality office building with 15.8% vacancy
 within the Olympic Corridor, one of the strongest submarkets in Los
 Angeles." Mr. Kaplan concluded, "This acquisition exemplifies our strategy
 of acquiring premiere office space within our targeted markets and, more
 importantly, it gives us additional available space to satisfy the strong
 tenant demand we are currently experiencing in our markets."
     The Olympic Corridor submarket is located between Santa Monica and
 Century City. The building is located at 1990 South Bundy Drive, just north
 of the intersection of Bundy Drive and Olympic Boulevard. The building is
 distinguished by a curvilinear "step-up" architectural design, which
 provides exterior terraces on every floor. The 2-story lobby has modern
 finishes of granite and glass, which is connected to an inviting courtyard
 with a water fountain that is surrounded by an abstract architectural
 feature. Cornerstone Plaza has convenient access to the Santa Monica and
 San Diego Freeways. It offers panoramic views of the Pacific Ocean,
 surrounding cityscapes and mountain ranges and is close to a variety of
 dining and shopping amenities.
     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
 http://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.
 
 

SOURCE Douglas Emmett, Inc.