West LA Office Building Sells For Same Pre-Recession Price
Hines just sold a Class-A office property in Brentwood to a JV between Douglas Emmett and Qatar Investment Authority for $225M. The JV also landed a $1.3B buy in Westwood earlier this year.
The Brentwood property, at 12100 Wilshire Blvd, will be managed by Douglas Emmett. The building has held its value since Hines bought it nine years ago for the same price.
The 365k SF property is 77% leased, according to GlobeSt. Douglas Emmett plans to keep 20% to 30% ownership. The office building was purchased with a $90M loan at a floating rate of Libor plus 1.55% and a three-year term. [GS]