NEWS

Paul Hastings Relocates Global Chair of Real Estate Department to LondonArrival of Department Head Bolsters Transatlantic and Cross Border Real Estate Practice

March 25, 2008

London, (March 25, 2008) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that Philip Feder, Global Real Estate Department Chair, will relocate to the London office. The move reinforces Paul Hastings commitment to the London and to the European practice generally.
As London continues to take center stage among the worlds leading financial centers, the continued growth of Paul Hastings London office is a pivotal component of the firms strategy, said Seth Zachary, Chairman of Paul Hastings. Phils relocation will allow us to further utilize our global platform to capitalize on the increase in work between London and the U.S., Asia, and the Middle East in order to serve all of our clients growing needs.

A key differentiator of Paul Hastings is our consistent and efficient approach to real estate transactions for our clients throughout the world, said Mr. Feder. My relocation to the London office will enhance our ability to serve these clients and will facilitate the advancement of our cross border and transatlantic practice.

Philip Feder concentrates his practice in the area of real estate transactions, both domestic and international, with emphasis in finance, acquisitions and dispositions, and real estate loan workouts and restructurings. He has extensive experience representing U.S.-based investors on transactions in Europe and in Asia.

Paul Hastings internationally ranked real estate practice has worked on some of the worlds most groundbreaking real estate transactions. Highlights include:

• Represented Dubai World in its agreement to invest $5 billion in MGM Mirage Inc. and the large CityCenter development project currently underway on the Las Vegas strip. This was one of the largest privately-funded real estate development deals in history. Under the terms of the deal, Dubai World invested approximately $2.4 billion in shares of MGM Mirage stock, representing an approximate 9.5 percent stake in the company, and $2.7 billion in the CityCenter project.

• Advised Apollo Real Estate Advisors on its £445 million acquisition of the 160-acre Telford shopping centre in Shropshire, England

• Represented Morgan Stanley in the acquisition of Glenborough Realty Trust Inc. by funds managed by Morgan Stanley for roughly $1.9 billion. Glenborough's high-quality office properties are located in some of the country's most desirable and supply-constrained office markets, such as Washington, D.C., and Northern and Southern California. Glenborough has a portfolio of 45 properties encompassing about 8 million square feet.

• Represented Macquarie Global Property Advisors in the acquisition of the trust beneficiary interests of trusts owning four buildings in Tokyo, Osaka, Nagoya and Sapporo from Macquarie Properties Japan Co., Ltd.

• Represented Credit Suisse in the successful closing of approximately $1 billion in China real estate financings. In one of the transactions, known as Evergrande, we advised various Credit Suisse entities as arranger and lender in a complex hybrid corporate and real estate transaction involving the pre-IPO financing of a PRC real estate company.

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,200 attorneys in 18 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in capital markets, finance and restructuring, intellectual property, international arbitration and dispute resolution, investment management, labor and employment, mergers and acquisitions, private equity, product liability, project finance, real estate, securities litigation and tax advisory services. For additional information, please visit our website at www.paulhastings.com.