Douglas Emmett Snags $144M Beverly Hills Office
- Dec 22, 2017
Douglas Emmett Inc. has acquired 9401 Wilshire Blvd., a 146,300-square-foot Class A office building in Beverly Hills, Calif., for $143.6 million.
In taking the deal, Douglas Emmett assumed an amortizing term loan with a current principal balance of nearly $32.3 million, holding a 4.55 percent interest rate. The loan will mature on June 1, 2038.
The remaining money to finance the deal came from cash and the approximately 2.6 million units in its operating partnership at an equivalent price of $40.60 per common share.
The office building is home to a number of health-care businesses, primarily made up of doctors. It offers eyebrow signage and valet parking.
Expanding in Beverly Hills
The property is located at the corner of Wilshire and Canon in the Beverly Hills Golden Triangle, and is close to numerous world class restaurants and retail amenities.
The company’s office portfolio currently consists of 71 properties totaling nearly 18.4 million square feet. Douglas Emmett also owns 10 premier apartment communities and is developing additional residential buildings in Los Angeles and Honolulu.
In July, Douglas Emmett acquired 9665 Wilshire Blvd., a 171,000-square-foot Class A office property in Beverly Hills, for $177 million. With this most recent deal, the company has increased its ownership share in the market to more than 27 percent.
According to CBRE’s latest Greater Los Angeles Market Report, the Beverly Hills Class A office market was strong for most of 2017 and it’s expected that positive numbers will continue in 2018.
Image courtesy of Google Street View via PropertyShark