Douglas Emmett's Buying Spree
Douglas Emmett Realty Advisors went on a tear in 1998, snapping up real estate in L.A.'s hottest office markets with a combined value of more than $425 million making the Brentwood-based firm one of the year's most active buyers, as well as one of the largest property owners in West L.A.
Douglas Emmett has a letter of intent to buy 1900 and 1901 Avenue of the Stars in Century City for around $225 million. The buildings, which encompass more than 1 million square feet, are being sold by Tokyo-based Shuwa Corp. Another high-profile acquisition-in-progress is the 15-story Westwood Place office tower on Wilshire Boulevard.
In the San Fernando Valley, the firm is buying Encino Terrace Center and McNeil Plaza on Ventura Boulevard. It also bought the Sherman Oaks Galleria last year.
Those pending deals follow the purchase last summer of a 10-story office building at the corner of Wilshire and Santa Monica boulevards in Beverly Hills for more than $26 million.
Douglas Emmett advises institutional investors on which commercial properties to buy in the L.A. market, and then usually manages the property once it has been purchased.
-- Elizabeth Hayes
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