Douglas Emmett, QIA Grab LA Ocean-View Office Gem
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233 Wilshire Blvd., courtesy of Equity Office Properties
Los Angeles—Douglas Emmett Inc. knows how to pick ‘em. The REIT and joint venture partner Qatar Investment Authority have just acquired 233 Wilshire Blvd., a premier office property on the west side of Los Angeles. The partners shelled out $139.5 million for the 129,000-square-foot building in Santa Monica, taking it off the hands of Blackstone Group, which continues to purge the holdings of its Equity Office Properties Trust portfolio.
It’s all about location. The building on 233 Wilshire Blvd., also known as Searise Office Tower, is positioned right at the gateway to the popular Third Street Promenade and just blocks from the beach. Built in 1976 and most recently renovated in 2009, the nine-story building is 94 percent leased and has maintained an average occupancy level of 93.1 percent over the last five years. Leading the tenant roster is Luther Burbank, which occupies approximately 11,300 square feet. And reflecting the property’s location in Silicon Beach, high-end media content provider Tunnel Inc. and prescription medication coupon website GoodRx Inc. each lease nearly 10,000 square feet…
