STAMFORD, Conn. and LOS ANGELES — Setting up on its progress ambitions in the Western region of the U.S., GE Genuine Estate (NYSE:GE) introduced the completion of its acquisition of Arden Realty, Inc. (NYSE:ARI) , the major publicly-traded workplace landlord in Southern California. The obtain rate of roughly $4.8 billion includes the assumption and refinancing of $1.six billion of Arden’s fantastic debt. In link with this transaction, Trizec Qualities, Inc. (NYSE:TRZ) obtained 13 Arden houses for roughly $1.six billion. The remainder of the Arden portfolio will stay intact and continue on to function as Arden Realty.

The GE and Arden leadership will leverage Arden’s leading existence and robust associations in the region to speedily put into action a strategic asset system to increase further more into its main markets. GE will also use the Arden system to grow appreciably in other California markets, Washington and Arizona.

1 member of GE and four associates of the Arden leadership teams have been appointed to oversee Arden:

— Joaquin de Monet, Managing Director at GE Genuine Estate, has been named President and CEO of Arden Realty.

— Robert Peddicord, previously Govt Vice President, Leasing and Operations at Arden Realty, assumes the position of Main Running Officer.

— Andres Gavinet, previously 1st Vice President and Main Accounting Officer, has been named Main Money Officer.

— Howard Stern and David Swartz stay Senior Vice President and Main Investment decision Officer and Senior Vice President and Standard Counsel, respectively.

“We devote where there are exceptional opportunities for progress, each in asset price and portfolio size. This transaction appreciably expands our footprint in a marketplace that we consider is a single of the strongest markets in the U.S.,” commented Joe Parsons, President, North American Fairness at GE Genuine Estate. “We will continue on to evaluate opportunities to obtain good quality property in Southern California, and look forward to Joaquin and Robert’s leadership to assistance us increase Arden’s existence in the Western region.”

“GE and Arden are a dynamic force in a single of the country’s most strong markets,” included Peddicord. “GE’s sound monetary backing and worldwide means put together with Arden’s nearby marketplace expertise and fantastic functionality history will significantly enrich Arden’s means to grow in the Western region of the U.S.”

The portion bought by Trizec Qualities includes 13 houses comprising roughly 4 million square ft.

Tim Callahan, Trizec’s president and main government officer commented, “As a result of this transaction, we have obtained a substantial, high-good quality portfolio that is properly found in markets that we believe that have robust economies, optimistic employment tendencies and expanding rental premiums.” Mr. Callahan included, “We are happy to have partnered with GE in the execution of this transaction.”

Merrill Lynch acted as the monetary advisor to GE Genuine Estate, and King & Spalding LLP offered legal suggestions. Lehman Brothers Inc., Wachovia Securities, and Secured Funds LLC served as monetary advisors to Arden in this transaction. Wachovia Securities and Houlihan Lokey Howard and Zukin also rendered fairness views to Arden’s Board of Directors. Latham & Watkins LLP and Venable LLP offered legal counsel to the Company. Hogan & Hartson LLP offered legal counsel to Trizec.

About GE Genuine Estate: GE Genuine Estate is a world leader in real estate capital. Shaped in 1972, the business has far more than $35 billion in main property with 34 places of work found during North The usa, Europe, Asia, and Australia/New Zealand. GE Genuine Estate, backed by its father or mother firm’s AAA rating, presents a wide assortment of financing, fairness and servicing solutions like: intermediate and very long-time period home loan financing, restructuring and acquisition capital, market fairness expense/joint ventures, capital markets securitization and placements, and assert management. As a single of the quickest expanding units in just GE Business Finance, Genuine Estate has professional annual progress of far more than ten% for the previous ten consecutive several years.

GE Business Finance presents enterprises an in depth array of monetary providers and goods worldwide. With roughly $217 billion in property and an expertise in the mid-marketplace, GE Business Finance gives loans, running leases, financing courses and impressive structured capital to assistance customers grow. GE Business Finance is a wholly owned subsidiary of the Standard Electric Company (NYSE:GE) , a diversified providers, technological innovation and production enterprise with operations worldwide.

About Arden Realty Inc.: Arden Realty, Inc. is a single of the major workplace landlords in Southern California. Just after the close of the transaction with GE Genuine Estate, Arden will have 14.8 million square ft comprised of 103 houses and 175 buildings from Ventura to San Diego counties. Arden is also a nationally regarded leader in strength conservation and efficiency. For three consecutive several years the Environmental Safety Agency cited Arden as the “Business Genuine Estate Proprietor of the Year” for its impressive strength initiatives and for owning the most strength effective buildings in a single portfolio in the country.