September 29, 2016
Santa Monica-based Douglas Emmett, Inc. acquired 233 Wilshire Blvd., a 129,000-square-foot office property for $139.5 million. The 94%-leased asset will be held by an existing consolidated joint venture with institutional investors, including Qatar Investment Authority (QIA).
The JV, which also recently acquired 12100 Wilshire Blvd., borrowed $56 million for the purchase under a secured, non-recourse interest-only loan that matures in July 2019 and bears interest at Libor plus 1.55%.
Douglas Emmett also reduced its capital interest in the consolidated joint venture to 20% through the planned sale of a portion of its interest to another undisclosed sovereign wealth fund investor.
QIA continues to expand its U.S. investment portfolio, including large CRE investments in a New York project, Douglas Emmett’s Westwood Office portfolio, and in Empire State Realty Trust.
For comments, questions or concerns, please contact Dennis Kaiser