A fund managed by Houston-based Hines is selling a 19-story office tower at 12100 Wilshire Boulevard to Santa Monica-based REIT Douglas Emmett Inc. for $225 million, or close to $650 per square foot, The Real Deal has learned.
The price is exactly what Hines paid for it in 2007, when it purchased the property from RREEF Property Trust. The deal has not yet closed.
Spokespersons for both DE and Hines declined to comment on the deal, which was brokered by Eastdil Secured.
The 350,000-square-foot building, at the corner of Wilshire and Bundy Drive in Brentwood, is the latest in a long line of properties recently sold by Hines. The company recently sold seven commercial properties, including the Howard Hughes Center in Los Angeles, to a Blackstone affiliate for $1.16 billion as part of the liquidation of Hines REIT. It’s also reportedly unloading the Citigroup Center, a 48-story tower at 444 South Flower Street.
The Wilshire property was not part of the Hines REIT.
Meanwhile, DE has been in acquisition mode. The company recently acquired a 1.7 million-square-foot office portfolio from Blackstone Group for $1.34 billion in partnership with Qatar Investment Authority.
The building was constructed in 1985 and features outdoor balconies on the top two floors. Tenants include SOA and ReMax.