Sovereign wealth fund buys $1.3b Los Angeles portfolio
Douglas Emmett with its joint venture partner, the Qatar Investment Agency, has acquired a 1.7 million-square-foot portfolio of office buildings in Los Angeles for $1.34 billion, or approximately $777 per square foot.
The portfolio consists of four class A office buildings located in Westwood, a premier West Los Angeles submarket. The highest-priced asset in the portfolio is the office building located at 10960 Wilshire Blvd., with a $467 million price tag. The other office buildings are 10880 Wilshire Blvd., Westwood Center and The Tower at 10940 Wilshire Blvd.
Douglas Emmett plans to retain 20 percent to 30 percent of the equity in the joint venture, with the remaining interests being held by institutional partners. The joint venture has obtained a nonrecourse $580 million interest-only loan with a seven-year term.
With the addition of this portfolio, Douglas Emmett controls 74 percent of the Westwood Wilshire office corridor. Douglas Emmett’s total commerci