July 21, 2017 Comments Off on Douglas Emmett, QIA Complete $177M Deal with Blackstone Views: 1243 California News, Top California Stories

Douglas Emmett, QIA Complete $177M Deal with Blackstone

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.

Read more at Douglas Emmett

Connect With Douglas Emmett

Connect With QIA


Subscribe to Connect Daily California

For comments, questions or concerns, please contact Dennis Kaiser

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: ,

Comments are closed.