Real estate investment trust Douglas Emmett Inc. said Thursday that it has acquired Cornerstone Plaza for $84 million.

The eight-story, 174,000 square-foot, Class A office building, located just north of Bundy Drive and Olympic Boulevard, went for approximately $484 per square foot.

“This price is a fair price,” Bob Safai of Madison Partners said. “This is very much a win-win situation for the buyer and the seller.”

The acquisition increases Santa Monica-based Douglas Emmett’s holdings in the Olympic Corridor bumping the company’s total holdings in the area to 1.1 million rentable square feet.

Cornerstone Plaza has a vacancy rate of 16 percent, according to Douglas Emmett’s Chef Executive Jordan Kaplan.

Shares in Douglas Emmett lost 1.2 percent Thursday to $25.99 in afternoon trading on the New York Stock Exchange.