New York, October 17, 2016 -- Moody's Investors Service (Moody's) was informed that Boulevard Invest LLC ("Boulevard Invest"), the current borrower for the Miracle Mile Shops Loan, requested Lender consent to (i) the transfer of Boulevard Invest's interest in the property to its wholly-owned subsidiary, IMI Miracle Mall LLC, which will assume the Loan and (ii) the sale of Boulevard Invest's 100% membership interest in IMI Miracle Mall LLC to Institutional Mall Investors LLC ("IMI"). IMI is 99% owned and controlled by the California Public Employees' Retirement System ("CalPERS"). The replacement Guarantor and Environmental Indemnitor will be IMI.

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