Douglas Emmett Closes $1.3B Deal With JV Partner, Qatar Investment Authority
After news last month that Douglas Emmett would purchase a 1.7M SF Class-A office portfolio in Westwood for $1.34B through a JV, the company’s partner has been revealed as Qatar Investment Authority.
The office portfolio was purchased from Blackstone affiliate Equity Office Properties. The deal closed last week.
The price adds up to $779/SF. As a result of the deal, Douglas Emmett now has 74% control of the office market in the Westwood corridor, according to GlobeSt.
The portfolio consists of a total of four properties (pictured above). They include the Tower at 10940 Wilshire Blvd for $168M; 10880 Wilshire Blvd for $433.5M; Westwood Center at 1100 Glendon Ave for $271M; and 10960 Wilshire Blvd for $476.5M.
The deal marks one of the largest office sales on the West Coast in recent years.
Douglas Emmett plans to retain 20% or 30% equity in the portfolio owned by the institutional JV and managed by Douglas Emmett, according to SEC filings. The portfolio is approximately 89% leased. [GS]
