REIT Douglas Emmett Inc. paid $143.6 million – $981 per square foot – for 9401 Wilshire Blvd, a 146,000-square-foot office building in the city’s Golden Triangle area.
The property, home to tenants such as the law firm of Ervin Jessup & Cohen LLP, Barrister Executive Suites and Bank of the West, increases Douglas Emmett’s ownership share of the Beverly Hills Class A office market to more than 27 percent.
Jeffrey Diener of Paul Hastings represented sellers Cando Partners and Wilshire Canon Properties.
The Santa Monica-based REIT wholly owns the property, assuming an amortized loan with a balance of $32.3 million and a 4.6 percent interest rate. The remainder of the sale was funded by cash as well as 2.6 million units in its operating partnership to MGM Management at a price of $40.60 per common share.
The new purchase gives Douglas Emmett's Beverly Hills portfolio a big boost. Its office portfolio includes 71 properties totaling 18.4 million square feet, the company said in a statement.
Douglas Emmett shares fell 0.3 percent to $40.32 a share in Thursday trading on the New York Stock Exchange.
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