AMB PROPERTY II, L.P. FIRST AMENDMENT TO FOURTEENTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

Exhibit 10.7

AMB PROPERTY II, L.P.
FIRST AMENDMENT TO
FOURTEENTH AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP

     This First Amendment (this “Amendment”) is made as of January 1, 2008, by AMB PROPERTY HOLDING CORPORATION, a Maryland corporation, as general partner (the “General Partner”) of AMB PROPERTY II, L.P., a Delaware limited partnership (the “Partnership”), and as attorney-in-fact for each of the limited partners of the Partnership (collectively, the “Limited Partners”) for the purpose of amending the Fourteenth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of February 22, 2007 (the “Partnership Agreement”). All defined terms used herein but not defined herein have the meanings assigned to them in the Partnership Agreement.

     WHEREAS, AMB Property III, LLC (f/k/a Texas AMB I, LLC), a Delaware limited liability company, was a party to the Partnership Agreement as General Partner of the Partnership holding approximately 1% of the partnership interests of the Partnership;

     WHEREAS, effective as of January 1, 2008, AMB Property Holding Corporation acquired the entire general partnership interest of AMB Property III, LLC (f/k/a Texas AMB I, LLC) in and to the Partnership;

     WHEREAS, as the successor-in-interest to AMB Property III, LLC (f/k/a Texas AMB I, LLC)’s general partnership interest in and to the Partnership, AMB Property Holding Corporation desires to acknowledge and confirm it has assumed all right, title and interest in and to the entire general partnership interest in and to the Partnership and agrees to be bound by the provisions in the Partnership Agreement as General Partner and to perform all obligations of the General Partner thereunder;

     WHEREAS, the Partnership repurchased all of its outstanding 8.00% Series I Cumulative Redeemable Preferred Limited Partnership Units as of April 17, 2007;

     WHEREAS, the General Partner desires to amend Exhibit A to the Partnership Agreement to reflect the transactions described above.

     NOW THEREFORE, in consideration of the mutual agreements set forth herein, pursuant to Sections 2.4 and 7.3(D) of the Partnership Agreement, the General Partner, on its own behalf and as attorney-in-fact for the Limited Partners, hereby amends the Partnership Agreement as follows:

Section 1. Acknowledgement of General Partner.

     AMB Property Holding Corporation acknowledges and confirms that it has assumed all right, title and interest in and to the entire general partnership interest in and to the Partnership from Texas AMB I, LLC and agrees to be bound by the provisions in the Partnership Agreement as General Partner and to perform all obligations of the General Partner thereunder.

Section 2. Amendments to the Partnership Agreement.

     Exhibit A to the Partnership Agreement is deleted in its entirety and replaced with Exhibit A attached hereto.

Section 3. Miscellaneous.

     3.1 Governing Law. This Amendment shall be construed under and governed by the internal laws of the State of Delaware without regard to its conflicts of laws provisions.

     3.2 Amendments. This Amendment may not be amended or modified except by a writing duly and validly executed by each party hereto.

Section 4. Partnership Agreement.

     The Partnership Agreement and this Amendment shall be read together and shall have the same effect as if the provisions of the Partnership Agreement and this Amendment were contained in one document. Any provisions of the Partnership Agreement not amended by this Amendment shall remain in full force and effect as provided in the Partnership Agreement immediately prior to the date hereof.

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date set forth above by their duly authorized representatives.

	GENERAL PARTNER: AMB PROPERTY HOLDING CORPORATION, a Maryland corporation
	By:	/s/ Xxxxxx X. Xxxxxxx
		Name:	Xxxxxx X. Xxxxxxx
		Title:	Chief Financial Officer

	LIMITED PARTNERS: AMB PROPERTY HOLDING CORPORATION, a Maryland corporation, as attorney-in-fact for each of the Limited Partners
	By:	/s/ Xxxxxx X. Xxxxxxx
		Name:	Xxxxxx X. Xxxxxxx
		Title:	Chief Financial Officer

EXHIBIT A

PARTNERS, CONTRIBUTIONS, AND PARTNERSHIP INTERESTS

I. Common Units

										Agreed Value of												Percentage				Common
		Contribution				Cash				Contributed				Total				Partnership				Interest				Percentage
Name of Partner		Date				Contributions				Property				Contributions				Units				in Class				Interest
Class A Common Units
General Partner:
AMB Property Holding Corporation			11/26/97				—			$	3,626,023			$	3,626,023				172,668				—				—
AMB Property Holding Corporation			12/31/01				—				($3,626,023	)			($3,626,023	)			(172,668	)			—				—
Texas AMB I, LLC			12/31/01				—			$	3,626,023			$	3,626,023				172,668				—				—
Texas AMB I, LLC			1/1/08				—				($3,626,023	)			($3,626,023	)			(172,668	)			—				—
AMB Property Holding Corporation			1/1/08				—			$	3,626,023			$	3,626,023				172,668				.99624	%			.92878	%
Limited Partners:
AMB Property, L.P.			11/26/97				—			$	358,976,301			$	358,976,301				17,094,110				98.62717	%			91.94948	%
			06/30/98				—			$	1,161,489			$	1,161,489				47,602				.27465	%			.25605	%
			7/20/05				—			$	544,704			$	544,704				17,670				.10195	%			.09505	%
Total Class A Common Units							—			$	364,308,517			$	364,308,517				17,332,050				100.0000	%			93.22936	%
Class B Common Units
Xxxx Xxxxxxxx, LLC			11/14/03				—			$	2,307,918			$	2,307,918				74,868				—				—
Xxxx Xxxxxxxx, LLC			11/14/03				—				($2,307,918	)			($2,307,918	)			(74,868	)			—				—
East Grand Business Center Partnership, L.P.			11/14/03				—			$	2,178,817			$	2,178,817				70,680				—				—
East Grand Business Center Partnership, L.P.			11/14/03				—				($2,178,817	)			($2,178,817	)			(70,680	)			—				—
Xxxx Xxxxxxxx			11/14/03				—			$	1,314,010			$	1,314,010				42,626				3.38647	%			.22929	%
Xxxxxxxx Xxxxxxxx (Trust)			11/14/03				—			$	544,704			$	544,704				17,670				—				—
Xxxx Xxxxxx			11/14/03				—			$	1,858,715			$	1,858,715				60,296				4.79029	%			.32433	%
Xxxx Xxxxxxxx (Trust)			11/14/03				—			$	769,306			$	769,306				24,956				1.98266	%			.13424	%
Xxxxxxxx Xxxxxxxx (Trust)			7/20/05				—				($544,704	)			($544,704	)			(17,670	)			—				—
X.X. Xxxxx Development Corp.			11/01/06				—			$	31,117,860			$	31,117,860				552,515				43.89523	%			2.97199	%
JAGI, Inc.			11/01/06				—			$	32,571,170			$	32,571,170				578,320				45.94534	%			3.11079	%
Total Class B Common Units							—			$	67,631,061			$	67,631,061				1,258,713				100.0000	%			6.77064	%
Total Combined Common Units							—			$	431,939,578			$	431,939,578				18,590,763				100.0000	%			100.0000	%

EXHIBIT A

PARTNERS, CONTRIBUTIONS, AND PARTNERSHIP INTERESTS

II. Series C Preferred Units

										Agreed Value of
		Contribution				Cash				Contributed				Total				Series C				Percentage
Name of Partner		Date				Contributions				Property				Contributions				Partnership Units				Interest
Limited Partner:
Belcrest Realty Corporation			11/24/98			$	24,000,000				—			$	24,000,000				480,000				21.81818	%
Belair Real Estate Corporation			11/24/98			$	86,000,000				—			$	86,000,000				1,720,000				78.18182	%
Belcrest Realty Corporation			2/23/99			$	19,050,000				—			$	19,050,000				381,000				17.31818	%
Belair Real Estate Corporation			2/23/99				($19,050,000	)			—				($19,050,000	)			(381,000	)			(17.31818	%)
Belcrest Realty Corporation			4/29/99			$	11,950,000				—			$	11,950,000				239,000				10.86364	%
Belair Real Estate Corporation			4/29/99				($11,950,000	)			—				($11,950,000	)			(239,000	)			(10.86364	%)
Argosy Realty Corporation			7/9/99			$	1,625,300				—			$	1,625,300				32,506				1.47755	%
Belmar Realty Corporation			7/9/99			$	1,625,300				—			$	1,625,300				32,506				1.47755	%
Belport Realty Corporation			7/9/99			$	1,625,300				—			$	1,625,300				32,506				1.47755	%
Belrieve Realty Corporation			7/9/99			$	1,625,300				—			$	1,625,300				32,506				1.47755	%
Belair Real Estate Corporation			7/9/99				($6,501,200	)			—				($6,501,200	)			(130,024	)			(5.91018	%)
Belcrest Realty Corporation			7/28/99			$	15,000,000				—			$	15,000,000				300,000				13.63636	%
Belair Real Estate Corporation			7/28/99				($15,000,000	)			—				($15,000,000	)			(300,000	)			(13.63636	%)
Belmar Realty Corporation			3/17/00				($1,625,300	)			—				($1,625,300	)			(32,506	)			(1.47755	%)
Belcrest Realty Corporation			3/17/00				($12,500,000	)			—				($12,500,000	)			(250,000	)			(11.36364	%)
Belair Real Estate Corporation			3/17/00			$	14,125,300				—			$	14,125,300				282,506				12.84118	%
Belair Real Estate Corporation			12/19/00			$	1,625,300				—			$	1,625,300				32,506				1.47755	%
Altavera Realty Corporation, formerly known as Belrieve Realty Corporation			12/19/00				($1,625,300	)			—				($1,625,300	)			(32,506	)			(1.47755	%)
Belport Realty Corporation			3/14/01				($1,625,300	)			—				($1,625,300	)			(32,506	)			(1.47755	%)
Belair Real Estate Corporation			3/14/01			$	1,625,300				—			$	1,625,300				32,506				1.47755	%
Argosy Realty Corporation			12/5/01				($1,625,300	)			—				($1,625,300	)			(32,506	)			(1.47755	%)
Belair Real Estate Corporation			12/5/01				($50,874,700	)			—				($50,874,700	)			(1,017,494	)			(46.24972	%)
Belcrest Realty Corporation			12/5/01				($57,500,000	)			—				($57,500,000	)			(1,150,000	)			(52.27272	%)
Total Series C Preferred Units							0				—				0				0				000.0000	%

III. Series D Preferred Units

										Agreed Value of
		Contribution				Cash				Contributed				Total				Series D				Percentage
Name of Partner		Date				Contributions				Property				Contributions				Partnership Units				Interest
Limited Partner:
X.X. Xxxxxx Mosaic Fund, LLC			5/5/99			$	79,766,850				—			$	79,766,850				1,595,337				100.0000	%
X.X. Xxxxxx Mosaic Fund, LLC			12/31/01				($79,766,850	)			—				($79,766,850	)			(1,595,337	)			(100.0000	%)
JPM Mosaic I REIT, Inc.			12/31/01			$	79,766,850				—			$	79,766,850				1,595,337				100.0000	%
JPM Mosaic I REIT, Inc.			1/29/07				($79,766,850	)			—				($79,766,850	)			(1,595,337	)			(100.0000	%)
XX Xxxxxx Securities, Inc.			1/29/07			$	79,766,850				—			$	79,766,850				1,595,337				100.0000	%
Total Series D Preferred Units						$	79,766,850				—			$	79,766,850				1,595,337				100.0000	%

IV. Series E Preferred Units

										Agreed Value of
		Contribution				Cash				Contributed				Total				Series E
Name of Partner		Date				Contributions				Property				Contributions				Partnership Units				Percentage Interest
Limited Partner:
Fifth Third Equity Exchange Fund 1999, LLC			8/31/99			$	11,022,000				—			$	11,022,000				220,440				100.0000	%
Fifth Third Equity Exchange Fund 1999, LLC			6/30/06				($11,022,000	)			—				($11,022,000	)			(220,440	)			(100.0000	%)
Total Series E Preferred Units							0				—				0				0				000.0000	%

V. Series F Preferred Units

										Agreed Value of
		Contribution				Cash				Contributed				Total				Series F
Name of Partner		Date				Contributions				Property				Contributions				Partnership Units				Percentage Interest
Limited Partner:
Bailard, Xxxxx & Xxxxxx Technology Exchange Fund, LLC			3/22/00			$	19,871,950				—			$	19,871,950				397,439				100.0000	%
Bailard, Xxxxx & Xxxxxx Technology Exchange Fund, LLC			7/31/02				($6,500,000	)			—				($6,500,000	)			(130,000	)			(32.70942	%)
Bailard, Xxxxx & Xxxxxx Technology Exchange Fund, LLC			7/14/03				($3,300,000	)			—				($3,300,000	)			(66,300	)			(16.60632	%)
Bailard Technology Exchange Fund, LLC (formerly Bailard, Xxxxx & Xxxxxx Technology Exchange Fund, LLC)			9/21/06				($10,071,950	)			—				($10,071,950	)			(201,139	)			(50.60877	%)
Total Series F Preferred Units							0				—				0				0				000.0000	%

VI. Series G Preferred Units

										Agreed Value of
		Contribution				Cash				Contributed				Total				Series G
Name of Partner		Date				Contributions				Property				Contributions				Partnership Units				Percentage Interest
Limited Partner:
Bailard, Xxxxx & Xxxxxx Technology Exchange Fund, LLC			8/29/00			$	1,000,000				—			$	1,000,000				20,000				100.0000	%
Bailard, Xxxxx & Xxxxxx Technology Exchange Fund, LLC			7/31/02				($1,000,000	)			—				($1,000,000	)			(20,000	)			(100.0000	%)
Total Series G Preferred Units							0				—				0				0				000.0000	%

VII. Series H Preferred Units

										Agreed Value of
		Contribution				Cash				Contributed				Total				Series H
Name of Partner		Date				Contributions				Property				Contributions				Partnership Units				Percentage Interest
Limited Partner:
X.X. Xxxxxx Mosaic Fund IV, LLC			9/1/00			$	42,000,000				—			$	42,000,000				840,000				100.0000	%
X.X. Xxxxxx Mosaic Fund IV, LLC			12/31/01				($42,000,000	)			—				($42,000,000	)			(840,000	)			(100.0000	%)
JPM Mosaic IV REIT, Inc.			12/31/01			$	42,000,000				—			$	42,000,000				840,000				100.0000	%
JPM Mosaic IV REIT, Inc.			3/21/06				($42,000,000	)			—				($42,000,000	)			(840,000	)			100.0000	%
Total Series H Preferred Units							0				—				0				0				000.0000	%

VIII. Series I Preferred Units

										Agreed Value of
		Contribution				Cash				Contributed				Total				Series I
Name of Partner		Date				Contributions				Property				Contributions				Partnership Units				Percentage Interest
Limited Partner:
X.X. Xxxxxx Chase Mosaic Fund V, LLC			3/21/01			$	25,500,000				—			$	25,500,000				510,000				100.0000	%
X.X. Xxxxxx Xxxxx Mosaic Fund V, LLC			12/31/01				($25,500,000	)			—				($25,500,000	)			(510,000	)			(100.0000	%)
JPM Mosaic V REIT, Inc.			12/31/01			$	25,500,000				—			$	25,500,000				510,000				100.0000	%
JPM Mosaic V REIT, Inc.			4/17/07				($25,500,000	)			—				($25,500,000	)			(510,000	)			(100.0000	%)
Total Series I Preferred Units							0				—				0				0				000.0000	%

IX. Series N Preferred Units

										Agreed Value of
		Contribution				Cash				Contributed				Total				Series N
Name of Partner		Date				Contributions				Property				Contributions				Partnership Units				Percentage Interest
Limited Partner:
Xxxxxx Xxxxxxxx Properties, Inc.			9/24/04				—			$	36,479,100			$	36,479,100				729,582				100.0000	%
Xxxxxx Xxxxxxxx Properties, Inc.			1/27/06				—				($36,479,100	)			($36,479,100	)			(729,582	)			100.0000	%
Total Series N Preferred Units							—				0				0				0				000.0000	%
Total All Series of Preferred Units						$	105,266,850				0			$	105,266,850				2,105,337				100.0000	%