Douglas Emmett Acquires Office Property in Century City

May 23, 2007, 01:00 ET from Douglas Emmett, Inc.

    SANTA MONICA, Calif., May 23 /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 a Class A office building located at 1801 Century Park West in
 Century City, California for a contract price of $32 million, or $642 per
 square foot, in an off-market transaction. In conjunction with the
 acquisition, the Company obtained the ground leasehold in the property and
 the option to acquire fee title to the land for a fixed price of $800,000.
     Jordan Kaplan, President and CEO, commented, "This acquisition further
 enhances our footprint within the Century City submarket and coincides with
 our overall submarket investment strategy." Mr. Kaplan concluded, "We will
 continue working to identify opportunities within our targeted submarkets
 where we can enhance our commanding market share of competitive office
     The building is comprised of 49,855 rental square feet, which is
 currently 100% leased through December 2019. Situated at the gateway to
 Century City, it is located within the Century City submarket where the
 Company already owns 866,123 square feet of office space, this mid-rise
 office tower offers views of the Pacific Ocean, Santa Monica Mountains,
 Hollywood Hills and the Los Angeles Country Club golf course. It has a
 distinctive contemporary architectural design, features floor-to-ceiling
 glass windows, modern finishes and valet guest parking. The property is
 easily accessible to the Santa Monica and San Diego Freeways and is within
 walking distance of an array of shopping venues, movie theatres and popular
     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 property portfolio currently consists of 47 office
 properties with approximately 11.6 million rentable square feet, nine
 multifamily properties with a total of 2,868 units, and interests in three
 land parcels. For more information on Douglas Emmett, please visit the
 Company's Web site at
     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

SOURCE Douglas Emmett, Inc.