Local developer Douglas Emmett Inc. has just purchased a 19-story office building at 12100 Wilshire Blvd. (at Bundy) from Hines for $225 million. Douglas Emmett purchased the property – considered part of the Brentwood sub-market – with its joint venture partner Qatar Investment Authority. The building covers 365,000-squarefeet and is a multi-tenant Class A building. According to The Real Deal, the property will be 77 percent leased, including known planned move-outs by tenants, significantly below the 97 percent average of Douglas Emmett’s Brentwood portfolio, providing an opportunity to add value through lease-up, the company said. DEI, which manages the JV, plans to retain a 20 percent – 30 percent equity stake in the asset, with the remainder held by institutional partners. The deal is also the latest venture in U.S. real estate by the Qatar sovereign wealth fund, which last year announced plans to invest $35 billion in North America over five yea
Douglas Emmett Purchases 12100 Wilshire Blvd. for $225 Million
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