[Deutsche Bank Logo]


Date:               June 2, 2003

To:                 Maguire Properties LP

Attention:          Jeff Friedman
Facsimile no.:      1 213 533 5102

cc:                 Chatham Financial
Facsimile no.:      1 610 925 3125

Our Reference:      Global No. N235202N

Re:                 Swaption Transaction

Ladies and Gentlemen:

The purpose of this letter agreement is to set forth the terms and conditions of
the Transaction entered into between Deutsche Bank AG ("DBAG") and Maguire
Properties LP ("Counterparty") on the Trade Date specified below (the
"Transaction"). This letter agreement constitutes a "Confirmation" as referred
to in the Agreement specified below.

The definitions and provisions contained in the 2000 ISDA Definitions (the
"Definitions") as published by the International Swaps and Derivatives
Association, Inc. are incorporated by reference herein. In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
will govern.

For the purpose of this Confirmation, all references in the Definitions or the
Agreement to a "Swap Transaction" shall be deemed to be references to this
Transaction.

1. This Confirmation evidences a complete and binding agreement between DBAG
("Party A") and Counterparty ("Party B") as to the terms of the Transaction to
which this Confirmation relates. This Confirmation, together with all other
documents referring to the ISDA Form (each a "Confirmation") confirming
Transactions (each a "Transaction") entered into between us (notwithstanding
anything to the contrary in a Confirmation) shall supplement, form a part of,
and be subject to an agreement in the form of the ISDA Master Agreement
(Multicurrency-Cross Border)(the "ISDA Form")(as may be amended, modified or
supplemented from time to time, the "Agreement") as if we had executed an
agreement on the Trade Date of the first such Transaction between us in such
form, with the Schedule thereto (i) specifying only that (a) the governing law
is the laws of the State of New York, without reference to choice of law
doctrine, and (b) the Termination Currency is U.S. Dollars and (ii)
incorporating the addition to the definition of "Indemnifiable Tax" contained
in (page 48 of) the ISDA "User's Guide to the 1992 ISDA Master Agreements" with
the modifications contained herein. In the event of any inconsistency between
the terms of this Confirmation, and the terms of the Agreement, this
Confirmation will prevail for the purpose of this Transaction.

<PAGE>
2.   The Transaction to which this Confirmation relates is a Swaption, the terms
of which are as follows:



     (a)  SWAPTION TERMS

               Trade Date:              June 2, 2003

               Option Style:            European

               Seller:                  DBAG

               Buyer:                   Counterparty

               Premium:                 USD 1,608,925.00

               Premium Payment Date:    June 4, 2003

               Exercise Business Day:   New York



     (b)   PROCEDURE FOR EXERCISE:

               Expiration Date:         June 30, 2003

               Earliest Exercise Time:  9:00 a.m., New York time

               Expiration Time:         11:00 a.m., New York time, subject to
                                        Section 2(d)

               Fallback Exercise:       Applicable



     (c)  SETTLEMENT TERMS:

               Settlement:              Cash, subject to Section 2(d)

               Cash Settlement          11:00 a.m., New York time subject to
               Valuation Time:          Section 2(d)

               Cash Settlement          Two Business Days following the
               Payment Date:            Exercise Date

               Cash Settlement Method:  Cash Price

               Settlement Rate:         Inapplicable

               Cash Settlement
               Reference Banks:         As defined in Section 2(d)

               Quotation Rate:          Mid



     (d)  ADDITIONAL CASH SETTLEMENT TERMS:

              This Transaction will be terminated on the Exercise Date. The
              amount determined to be due to a party in respect of this cash
              settlement (the "Cash Settlement Amount") shall be payable two New
              York Business Days following the Exercise Date and shall be
              determined in accordance with the following:

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<PAGE>
     (1) The parties shall attempt to agree by no later than 2:00 p.m. New York
         City time of the Exercise Date on the mid-market cash settlement value
         of a swap transaction of the same characteristics and equal maturity to
         this Swap Transaction as outstanding on the Exercise Date.

     (2) If Counterparty and DBAG fail to reach an agreement, the Cash
         Settlement Amount shall be determined in accordance with Section 17.3
         of the 2000 ISDA Definitions, specifically:

               Cash Settlement Method:               Cash Price

               Cash Settlement Reference Banks:      To be agreed upon by
                                                     Counterparty and DBAG,
                                                     however if fewer than
                                                     three quotations are
                                                     provided, the last
                                                     sentence of Section 17.3(a)
                                                     of the 2000 ISDA
                                                     Definitions will be
                                                     replaced by the last
                                                     sentence of Section 17.3(b)
                                                     of the 2000 ISDA
                                                     Definitions.

               Quotation Rate:                       Mid

         DBAG (as determined by DBAG and agreed to by Counterparty) shall pay to
         Counterparty the Cash Settlement Amount on the Effective Date. Once
         the Cash Settlement Amount has been fully and finally paid, then all
         rights, duties and obligations of the parties under and with respect to
         this Transaction shall terminate.

3. The terms of the particular transaction to which this Confirmation relates
   are as follows:


   Type of Transaction:                      Interest Rate Swap

   Notional Amount:                          USD 231,500,000.00

   Effective Date:                           July 2, 2003

   Termination Date:                         July 2, 2010

FIXED AMOUNTS:

   Fixed Rate Payer:                         Counterparty

   Fixed Rate Payer Period End Dates:        The 2nd day of January and July of
                                             each year, commencing January 2,
                                             2004, through and including the
                                             Termination Date, with No
                                             Adjustment

   Fixed Rate Payer Payment Dates:           The 2nd day of January and July of
                                             each year, commencing January 2,
                                             2004, through and including the
                                             Termination Date

   Fixed Rate:                               3.30%

   Fixed Rate Day Count Fraction:            30/360

   Fixed Rate Payer Business Days:           New York

                                       3
<PAGE>
<Table>
<S>                                                    <C>
     Fixed Rate Payer Business Day Convention:         Modified Following

FLOATING AMOUNTS:

     Floating Rate Payer:                              DRAG

     Floating Rate Payer Period End Dates:             The 2nd day of January, April, July and
                                                       October of each year, commencing October 2,
                                                       2003, through and including the Termination
                                                       Date

     Floating Rate Payer Payment Dates:                The 2nd day of January, April, July and
                                                       October of each year, commencing October 2,
                                                       2003, through and including the Termination
                                                       Date

     Floating Rate for initial Calculation Period:     To be determined

     Floating Rate Option:                             USD-LIBOR-BBA

     Designated Maturity:                              Three Months

     Spread:                                           None

     Floating Rate Day Count Fraction:                 Actual/360

     Reset Dates:                                      The first Floating Rate Payer Business Day of
                                                       each Calculation Period or Compounding Period,
                                                       if Compounding is applicable.

     Compounding:                                      Inapplicable

     Floating Rate Payer Business Days:                New York

     Floating Rate Payer Business Day
     Convention:                                       Modified Following

4. ACCOUNT DETAILS:

     USD DBAG Payment Instructions:
     Account With:                                     Deutsche Bank AG, New York
     SWIFT Code:                                       DEUTUS33
     Favor Of:                                         Deutsche Bank AG, New York
     Account Number:                                   100440170004

     USD Counterparty Payment Instructions:            Please provide

5. OFFICES:

The Office of DBAG for this Transaction is New York.

6. CALCULATION AGENT:                                  The party specified as such in the Agreement, or if
                                                       not specified therein, DBAG.
</Table>


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<PAGE>
7.  REPRESENTATIONS

Counterparty, if it is a nonresident alien individual, foreign corporation,
foreign partnership, foreign trust, or foreign estate, represents that it is a
foreign person for purposes of US Treasury regulations relating to information
reporting and backup withholding.

Each party will be deemed to represent to the other party on the date on which
it enters into this Transaction that (absent a written agreement between the
parties that expressly imposes affirmative obligations to the contrary for this
Transaction):

(i) NON-RELIANCE.  It is acting for its own account, and it has made its own
independent decisions to enter into this Transaction and as to whether this
Transaction is appropriate  or proper for it based upon its own judgement and
upon advice from such advisers as it has deemed necessary. It is not relying on
any communication (written or oral) of the other party as investment advice or
as a recommendation to enter into this Transaction; it being understood that
information and explanations related to the terms and conditions of this
Transaction shall not be considered investment advice or a recommendation to
enter into this Transaction. No communication (written or oral) received from
the other party shall be deemed to be an assurance or guarantee as to the
expected results of this Transaction.

(ii) ASSESSMENT AND UNDERSTANDING.  It is capable of assessing the merits of
and understanding (on its own behalf or through independent professional
advice), and understands and accepts, the terms, conditions and risks of this
Transaction. It is also capable of assuming, and assumes, the risks of this
Transaction.

(iii) STATUS OF PARTIES.  The other party is not acting as a fiduciary for, or
an adviser to it in respect of this Transaction.

8.  ASSIGNMENT PROVISIONS:

This contract may be assigned to a major market maker with DBAG's consent,
which will not be unreasonably withheld or delayed.

9.  MODIFICATIONS TO THE ISDA FORM:

"SPECIFIED ENTITY" means:
    (i)  in relation to Party A:  Not Applicable
    (ii) in relation to Party B:  Not Applicable

The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Party A and
Party B subject to amendment:

such that the works ", or becoming capable at such time of being declared," will
be deleted and by adding at the end thereof the following words: "provided,
however, that, notwithstanding the foregoing, an Event of Default shall not
occur under either (1) or (2) above if (A)(I) the default, or other similar
event or condition referred to in (1) or the failure to pay referred to in (2)
is a failure to pay or deliver caused by an error or omission of an
administrative or operational nature, and (II) funds or the asset to be
delivered were available to such party to enable it to make the relevant payment
or delivery when due and (III) such payment or delivery is made within three (3)
Local Business Days following receipt of written notice from an interested party
of such failure to pay, or (B) such party was precluded from paying, or was
unable to pay, using reasonable means, through the office of the party through
which it was acting for purposes of the relevant Specified Indebtedness, by
reason of force majeure, act of State, illegality or impossibility."

                                       5
<PAGE>
     With regard to Party A, "Threshold Amount" means 3% of its shareholders'
     equity (i.e., the sum of capital and disclosed reserves as reported in the
     most recently published annual audited consolidated financial statements of
     Deutsche Bank AG.)

     With regard to Party B, "Threshold Amount" means $10,000,000.

     The "CREDIT EVENT UPON MERGER" provision in Section 5(b)(iv) will apply to
     Party A and Party B.

     The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not apply
     to Party A and will not apply to Party B.

     "ADDITIONAL TERMINATION EVENT" will not apply to Party A and will not apply
     to Party B.

     PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
     Agreement:

          (i)  Market Quotation
          (ii) The Second Method will apply.

PAYEE TAX REPRESENTATIONS. For the purpose of Section 3(f) of this Agreement,
Party A and Party B each represent to the other that, in respect of each
Transaction which it enters into through an Office or discretionary agent in the
United States of America ("U.S."), each payment received or to be received by it
under that Transaction will be effectively connected with its conduct of a trade
or business in the U.S.

10. SET OFF

     Section 6 of this Agreement is amended by the addition of the following
     Section 6(f):

     "(f) Upon the designation of any Early Termination Date, the party that is
     not the Defaulting Party or Affected Party ("X") may, without prior notice
     to the Defaulting or Affected Party ("Y"), set off any sum or obligation
     (whether or not arising under this Agreement, whether matured or unmatured,
     whether or not contingent and irrespective of the currency, place of
     payment or booking office of the sum or obligation) owed by Y to X (the "X
     Set Off Amount") against any sum or obligation (whether or not arising
     under this Agreement, whether matured or unmatured, whether or not
     contingent and irrespective of the currency, place of payment or booking
     office of the sum or obligation) owed by X to Y (the "Y Set Off Amount"). X
     will give notice to the other party of any set off effected under this
     Section 6(f).

     For this purpose, either the X Set Off Amount or the Y Set Off Amount (or
     the relevant portion of such set off amounts) may be converted by X into
     the currency in which the other set off amount is denominated at the rate
     of exchange at which X would be able, acting in a reasonable manner and in
     good faith, to purchase the relevant amount of such currency.

     If a sum or obligation is unascertained, X may in good faith estimate that
     obligation and set-off in respect of the estimate, subject to the relevant
     party accounting to the other when the obligation is ascertained.

Nothing in this Section 6(f) shall be effective to create a charge or other
security interest. This Section 6(f) shall be without prejudice and in addition
to any right of set-off, combination of accounts, lien or other rights to which
any party is at any time otherwise entitled (whether by operation of law,
contract or otherwise)."


                                       6
<PAGE>
11.  Please confirm that the foregoing correctly sets forth the terms of our
agreement by having an authorized officer sign this Confirmation and return it
via facsimile or e-mail to:

     Attention:  Derivative Documentation
     Telephone:  44 20 7547 4755
     Facsimile:  44 20 7545 9761
     E-mail:     Derivative.Documentation@db.com

This message will be the only form of Confirmation dispatched by us. If you
wish to exchange hard copy forms of this Confirmation, please contact us.

Yours sincerely,

Deutsche Bank AG

By:   /s/ NIMISHA PATEL


Name: NIMISHA PATEL
Authorized Signatory


By:   /s/ FRITHA McCORMICK


Name: FRITHA McCORMICK
Authorized Signatory


Confirmed as of the date first written above:

Maguire Properties LP

By:
Name:
Title:




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