Douglas Emmett Closes $1.3B Deal With JV Partner, Qatar Investment Authority
The office portfolio was purchased from Blackstone affiliate Equity Office Properties. The deal closed last week.
The price adds up to $779/SF. As a result of the deal, Douglas Emmett now has 74% control of the office market in the Westwood corridor, according to GlobeSt.
The portfolio consists of a total of four properties (pictured above). They include the Tower at 10940 Wilshire Blvd for $168M; 10880 Wilshire Blvd for $433.5M; Westwood Center at 1100 Glendon Ave for $271M; and 10960 Wilshire Blvd for $476.5M.
The deal marks one of the largest office sales on the West Coast in recent years.
Douglas Emmett plans to retain 20% or 30% equity in the portfolio owned by the institutional JV and managed by Douglas Emmett, according to SEC filings. The portfolio is approximately 89% leased. [GS]