Douglas Emmett, Inc., a California based REIT, in partnership with Qatar Investment Authority (QIA) announced the acquisition of a Class A office building in Los Angeles for $225 million, or $616 per square foot. The 19-story building was sold by a fund managed by Hines; Hines acquired the property from Deutsche Asset & Wealth Management for the same amount in 2007 on behalf of its U.S. Office Value Added Fund II, L.P. Douglas Emmett will manage the joint venture and expects to retain a 20% to 30% equity interest, with the remainder held by institutional partners. Eastdil Secured handled the transaction.
Designed by Tracy Price Associates, 12100 Wilshire Boulevard was completed in 1985 and is located at the intersection of Wilshire Boulevard and Bundy Drive in the Brentwood submarket of West Los Angeles. The building features ocean views starting from the second floor, outdoor balconies on the top two floors and an above-market parking ratio. Including known move-outs, the property will be 77% leased at the time of closing, with major tenants including Baum Hedlund Aristei & Goldman, Akana (formerly SOA Software Inc.) and Regus.
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