If Douglas Emmett Inc. completes the purchase of four Los Angeles towers, it would become a party to the largest office sale in Los Angeles in recent years, the Wall Street Journal reports.
The buildings have a combined 1.7 million square feet in the Westwood area.
According to the publication, executives of Douglas Emmett, a real-estate investment trust that went public in 2006, have long craved the Blackstone buildings, repeatedly telling investors they wanted to own the private equity giant’s properties in the area.
Citing marketing materials from Eastdil Secured LLC, the Journal reports that the buildings are expected to produce about $51 million of income this year and are about 87 percent occupied. They are expected to sell for “significantly more” that $1 billion.
Bloomberg News broke news in September that Blackstone was putting the office towers on the market.
