Jul
24
Douglas Emmett, QIA Buy $177M Beverly Hills Asset
ByThe 10-story office building is 85 percent leased to a tenant roster including Wells Fargo, Sotheby’s, Morgan Stanley and Longo Law Group.
Douglas Emmett Inc. has acquired 9665 Wilshire Blvd., a 171,000-square-foot Class A office property in Beverly Hills, Calif., for $177 million, upping its ownership share in the market to more than 25 percent.
The 10-story property will be held by an existing consolidated joint venture with institutional investors including Qatar Investment Authority. Douglas Emmett and QIA also purchased 1299 Ocean Ave. and 429 Santa Monica Blvd. this past April. Douglas Emmett contributed 20 percent of the equity capital and will manage the joint venture…
