Douglas Emmett Lands Six Buildings

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Douglas Emmett Inc. said late Wednesday that it has acquired a 1.4 million square foot office portfolio consisting of six buildings for $610 million.


The properties, which are all classified as Class A commercial space, are located in Santa Monica, Beverly Hills, Sherman Oaks and the Warner Center in Woodland Hills. The spaces went for an average of $428 per square foot, according to the company. The portfolio is currently 89 percent leased. Douglas Emmett did not specify who the seller was.


Douglas Emmett also said that it plans to make “significant repositioning capital improvements” to the buildings. The Santa Monica real estate investment trust now has a total commercial portfolio of 54 office properties totaling approximately 13.2 million square feet, which increased 12 percent as a result of this acquisition.


Shares in Douglas Emmett were up 22 cents to $22.40 in early trading Thursday on the New York Stock Exchange.

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