FUNDS

Capitalization and Investments

Shorenstein Realty Investors Eight, L.P. (“Fund Eight”) was formed in 2006 with $1.1 billion of committed capital, including $100 million committed by Shorenstein.  Fund Eight was invested over a 15-month period.

Fund Eight made equity investments in the following properties:

• Media Studios North, a media and entertainment campus comprising 932,190 square feet in five existing office buildings located in Burbank, California, with options to acquire three neighboring parcels that could support development of an additional 426,000 square feet of office space.  Simultaneously with Fund Eight’s acquisition of its interest in Media Studios North, another Shorenstein-sponsored fund, Shorenstein Realty Investors Seven, L.P., also acquired an interest in the property, with each fund owning a 45% interest.

• Franklin Tower, a 227,845 square foot office building located in the East End submarket of Washington, D.C.

• 399 Boylston Street, a 228,820 square foot office building located in the Back Bay submarket of Boston, Massachusetts.

• A portfolio of properties located in the Portland, Oregon metropolitan area consisting of 50 office buildings totaling 4.2 million square feet and one development site that could support an additional 90,000 square feet in one office building.

• 1400 and 1500 Seaport Boulevard, a 447,747 square foot, two-building office complex that is part of 1.7 million square foot office campus known as Pacific Shores Center located in Redwood City, California.

• The Spring District, a 36-acre development site located along the Bellevue-Redmond Corridor in Bellevue, Washington.  The site is currently improved with a 699,885 square foot, six-building industrial storage facility.

• 601 City Center, a 1.38-acre development site entitled for 594,000 square feet of office space located in Downtown Oakland, California.

• 601 California Avenue, a 111,653 square foot office building located within the Stanford Research Park submarket of Palo Alto, California.

In August 2007 Fund Eight sold a 50% nominal interest and entered into a development joint venture with an institutional investor for the development of a 594,000 square foot office building on the 601 City Center site.  The project is being marketed to potential tenants.

In November 2007, Fund Eight commenced construction of First & Main, a 364,700 square foot LEED Platinum office building located in the Central Business District of Portland, Oregon.  The building was completed in August 2010.

In December 2007, Fund Eight commenced construction of a 108,454 square foot office building located in the Kruse Way submarket of Lake Oswego, Oregon.  The building was completed in April 2009.

In June 2010, The Spring District joint venture completed rezoning and executed a Development Agreement with the city of Bellevue, Washington for a minimum of 3 million square feet of commercial space and 750,000 square feet of residential space.

In March 2010, the Media Studios North joint venture exercised its option to acquire one of the three neighboring parcels.  This parcel is entitled to build a three-story 96,000 square foot office building.  The project is being marketed to potential tenants.

Realization

• First & Main was sold in March 2011.