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7.A. - Page 14 Dan Zack May 9, 2012 <br /> Subject: Developer Proposals <br /> - Hotel Keen in Palo Alto (42 rooms): <br /> Renovation opened in 2010 <br /> ■ Lowe Enterprises (partial list) <br /> - City Vista in DC: <br /> Redeveloped 1.3 million sf mixed-use urban complex. 244 apts. 441 condos, <br /> 111 k of retail, 828 space garage. $245 million. Wachovia was lender. Didn't <br /> identify equity. It appears that they sold the project. <br /> - San Diego County Operations Center: <br /> $500 million, 915k sf off ice campus on 38-acare site under development. In <br /> Kearny Mesa area. Project is being funded by the County. <br /> - Washington Hilton Hotel and Residences in DC: <br /> 1,000 room hotel and 200 units. $150 million restoration project. Financing <br /> provided by Prudential Mortgage Capital. Equity from Canyon Johnson Urban <br /> Funds (Magic Johnson). <br /> - Carlyle Group previously invested in Redwood City as the capital partner for <br /> the development and initial lease up of Woodside Technology Center, a three <br /> building, 255,000 sf Class A campus at Woodside and Bay Roads. <br /> B. FINANCIAL ASSESSMENT <br /> Financial Partner <br /> ■ Hunter Storm <br /> - Kilroy Realty Corporation (Kilroy Real Estate Investment Trust) will be <br /> financial partner (Kilroyrealty.com). Kilroy has a market capitalization in <br /> excess of $1.5 billion. <br /> ■ Lowe Enterprises <br /> - Lowe has added Carlyle Group as its capital partner. "The Carlyle Group is a <br /> multi-billion dollar real estate investment fund that has made numerous real <br /> estate investments in all property types including office, residential and hotel, <br /> across the country including Redwood City. Carlyle has underwritten the <br /> development opportunity for Block 2. Upon selection, Lowe, in conjunction <br /> with Carlyle, intends to proceed immediately with pre-development activities." <br /> Page 3 of 8 <br />