LA Office Chart of the Week: With New Purchase, Douglas Emmett Gains Control Of Westwood
In late 2015, real estate giant Blackstone and Equity Office Properties brought four Westwood assets--10960 Wilshire Blvd, 10940 Wilshire Blvd, 10880 Wilshire Blvd and 1100 Glendon Ave.--to market. This portfolio was recently acquired by a partnership of Douglas Emmett and Qatar Investment Authority for a steep price tag of $1.35B.
When the deal closes at the end of the month, Douglas Emmett's will own up to 78% of the Westwood's Class-A office stock, one of the largest stakes in any LA micro-market, according to JLL Research. This is a a steep rise from the 15% the company already owned with its two Westwood assets.