STAMFORD, Conn. and LOS ANGELES — Creating on its advancement ambitions in the Western area of the U.S., GE Serious Estate (NYSE:GE) declared the completion of its acquisition of Arden Realty, Inc. (NYSE:ARI) , the biggest publicly-traded office landlord in Southern California. The purchase price tag of somewhere around $four.eight billion contains the assumption and refinancing of $1.six billion of Arden’s exceptional financial debt. In connection with this transaction, Trizec Properties, Inc. (NYSE:TRZ) acquired 13 Arden houses for somewhere around $1.six billion. The remainder of the Arden portfolio will keep intact and carry on to run as Arden Realty.

The GE and Arden leadership will leverage Arden’s leading existence and solid interactions in the area to speedily put into action a strategic asset program to extend even further into its core markets. GE will also use the Arden platform to develop noticeably in other California markets, Washington and Arizona.

1 member of GE and four members of the Arden leadership groups have been appointed to oversee Arden:

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

— Robert Peddicord, previously Government Vice President, Leasing and Operations at Arden Realty, assumes the purpose of Chief Running Officer.

— Andres Gavinet, previously To start with Vice President and Chief Accounting Officer, has been named Chief Financial Officer.

— Howard Stern and David Swartz remain Senior Vice President and Chief Expenditure Officer and Senior Vice President and Normal Counsel, respectively.

“We devote the place there are fantastic chances for advancement, each in asset price and portfolio dimensions. This transaction noticeably expands our footprint in a market place that we imagine is one particular of the strongest markets in the U.S.,” commented Joe Parsons, President, North American Equity at GE Serious Estate. “We will carry on to evaluate chances to obtain high quality belongings in Southern California, and search forward to Joaquin and Robert’s leadership to help us extend Arden’s existence in the Western area.”

“GE and Arden are a dynamic pressure in one particular of the country’s most robust markets,” extra Peddicord. “GE’s reliable financial backing and world assets put together with Arden’s area market place abilities and exceptional efficiency history will significantly boost Arden’s capacity to develop in the Western area of the U.S.”

The part ordered by Trizec Properties contains 13 houses comprising somewhere around four million sq. feet.

Tim Callahan, Trizec’s president and chief government officer commented, “As a result of this transaction, we have acquired a significant, substantial-high quality portfolio that is perfectly found in markets that we think have solid economies, constructive work developments and developing rental rates.” Mr. Callahan extra, “We are pleased to have partnered with GE in the execution of this transaction.”

Merrill Lynch acted as the financial advisor to GE Serious Estate, and King & Spalding LLP provided authorized suggestions. Lehman Brothers Inc., Wachovia Securities, and Secured Cash LLC served as financial advisors to Arden in this transaction. Wachovia Securities and Houlihan Lokey Howard and Zukin also rendered fairness thoughts to Arden’s Board of Administrators. Latham & Watkins LLP and Venable LLP provided authorized counsel to the Enterprise. Hogan & Hartson LLP provided authorized counsel to Trizec.

About GE Serious Estate: GE Serious Estate is a environment leader in real estate cash. Fashioned in 1972, the business has additional than $35 billion in core belongings with 34 workplaces found during North America, Europe, Asia, and Australia/New Zealand. GE Serious Estate, backed by its guardian firm’s AAA ranking, features a wide assortment of financing, equity and servicing alternatives which include: intermediate and very long-time period house loan financing, restructuring and acquisition cash, market equity financial commitment/joint ventures, cash markets securitization and placements, and assert management. As one particular of the quickest developing models within GE Industrial Finance, Serious Estate has seasoned annual advancement of additional than ten% for the past ten consecutive several years.

GE Industrial Finance features organizations an comprehensive array of financial services and merchandise around the world. With somewhere around $217 billion in belongings and an abilities in the mid-market place, GE Industrial Finance gives financial loans, functioning leases, financing packages and revolutionary structured cash to help shoppers develop. GE Industrial Finance is a wholly owned subsidiary of the Normal Electric powered Enterprise (NYSE:GE) , a diversified providers, technology and production firm with functions around the world.

About Arden Realty Inc.: Arden Realty, Inc. is one particular of the biggest office landlords in Southern California. After the close of the transaction with GE Serious Estate, Arden will have 14.eight million sq. feet comprised of 103 houses and a hundred seventy five buildings from Ventura to San Diego counties. Arden is also a nationally identified leader in strength conservation and effectiveness. For a few consecutive several years the Environmental Protection Agency cited Arden as the “Industrial Serious Estate Owner of the Calendar year” for its revolutionary strength initiatives and for proudly owning the most strength effective buildings in a one portfolio in the country.