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Douglas Emmett bought a 17-story Westwood office building at 10900 Wilshire Blvd. from Tishman Speyer through a deed-in-lieu-of-foreclosure transaction for $131M.
The sale price works out to $539 per SF. Tishman faced default on a nearly $123M loan secured by the property, The Real Deal reported. A representative for Tishman Speyer declined to comment.
Tishman purchased the tower in 2014, paying $125M, public records show.
Douglas Emmett's new office tower sits at the corner of Wilshire and Westwood boulevards, across the street from the Hammer Museum and south of the UCLA campus. The Santa Monica-based REIT now owns eight buildings in the area, according to TRD.
Tishman took out a $122.7M loan on the property from Blackstone Mortgage Trust in 2021, TRD reported. The debt was set to mature in April. It was in special servicing since October over concerns that Tishman would default, TRD reported.
Blackstone provided Douglas Emmett with $61.8M in financing to buy 10900 Wilshire.
Vacancy in the West Los Angeles submarket was 24.1% in the fourth quarter, 20.2% of which was direct vacancy, according to a report from Colliers. The market had positive net absorption of nearly 36K SF in the same period.
In Q4, Tishman sold a Beverly Hills office to Faring for $90M, or $675 per SF.
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