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Douglas Emmett Buys Beverly Hills Office for $144M
Santa Monica-based Douglas Emmett, Inc. acquired 9401 Wilshire Boulevard, a 146,300-square-foot, Class A office property in Beverly Hills’ Golden Triangle from Cando Inc. for $143.6 million. That works out to a price of $981-per-square-foot.
Located at Wilshire and Canon, the 12-story asset is immediately adjacent to world class restaurants and retail amenities. This acquisition increases Douglas Emmett’s ownership share of the Beverly Hills Class A office market to more than 27%.
Douglas Emmett assumed an amortizing term loan with a current principal balance of roughly $32.3 million and a 4.55% interest rate. The loan matures on June 1, 2038. To fund the remainder of the purchase price, Douglas Emmett used cash and issued approximately 2.6 million units in its operating partnership to the seller at an equivalent price of $40.60 per common share.
Madison Partners’ Bob Safai and Matt Case handled the transaction.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


