The paper deals with the fluorescence of guanine quadruplexes (G4) formed by association of two DNA strands d(GGGGTTTTGGGG) in the presence of K$^+$ cations, noted as OXY/K$^+$ in reference to the protozoon $oxytricha\ nova$, whose telomere contains TTTTGGGG repeats. They were studied by steady-state and time-resolved techniques, time-correlated single photon counting and fluorescence upconversion. The maximum of the OXY/K + fluorescence spectrum is located at 334 nm and the quantum yield is 5.8×10$^{-4}$. About 75% of the photons are emitted before 100 ps and stem from $\pi \pi$* states, possibly with a small contribution of charge transfer. Time-resolved fluorescence anisotropy measurements indicate that ultrafast (< 330 fs) excitation transfer, due to internal conversion among exciton states, is more efficient in OXY/K$^+$ compared to previously studied G4 structures. This is attributed to the arrangement of the peripheral thymines in two diagonal loops with restricted mobility, facilitating the interaction among them and with guanines. Thymines should also be responsible for a weak intensity excimer/exciplex emission band, peaking at 445 nm. Finally, the longest living fluorescence component ($\sim$2.1 ns) is observed at the blue side of the spectrum. So far, high-energy long-lived emitting states had been reported only for double-stranded structures but not for G4.