9401 Wilshire Blvd. in Beverly Hills

9401 Wilshire Blvd. in Beverly Hills

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.

Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com

For reprint and licensing requests for this article, CLICK HERE.