February 12, 2016
Santa Monica-based REIT Douglas Emmett will become the largest office landlord in Westwood, as a result of its reported $1.34-billion acquisition of four buildings from Blackstone Group LP. The transaction is expected to close next month, on a portfolio of properties totaling 1.72 million square feet of space.
The 89-percent leased assets are being purchased by an institutional joint venture reported to be QIA (Qatar Investment Authority), that Douglas Emmett will manage. JLL says the acquisitions will increase Douglas Emmett’s Westwood market share from 15-percent of Class A stock to 78-percent.
The four buildings, located at 10960, 10940 and 10880 Wilshire Blvd., and 1100 Glendon Ave., were acquired by Blackstone as part of its 2007 takeover of Equity Office Properties Trust.