July 21, 2017
Douglas Emmett, Inc. acquired 9665 Wilshire Boulevard, a 171,000-square-foot Class A office property in Beverly Hills’ Golden Triangle from Blackstone Group for $177 million. The property will be held by an existing consolidated joint venture with institutional investors, including Qatar Investment Authority (QIA).
The acquisition was funded in part by a $77.5-million loan to the JV that matures July 2019 and bears interest at Libor plus 1.55%. Douglas Emmett provided 20% of the equity capital and manages the JV. The 85%-leased property adds to the JV’s holdings, which also includes 1299 Ocean Ave. and 429 Santa Monica Blvd. in Santa Monica.
The acquisition also represents another step in QIA’s plans to significantly expand its U.S. investment portfolio, which now includes the Manhattan West project in New York City, the Westside Office Portfolio with Douglas Emmett and an interest in Empire State Realty Trust.
Eastdil Secured brokered the sale.
For comments, questions or concerns, please contact Dennis Kaiser