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Douglas Emmett pays $144M for Beverly Hills office building
146K sf building is located in Golden Triangle
Douglas Emmett purchased a 146,000-square-foot office building in the heart of Beverly Hills for $143.6 million from MGM Management.
The Santa Monica-based REIT purchased the building at 9401 Wilshire Boulevard, located in the Golden Triangle area at the intersection of Wilshire and Santa Monica Boulevards, according to the Los Angeles Business Journal. Tenants at the property include law firm Ervin Jessup & Cohen LLP, Barrister Executive Suites and Bank of the West. The price works out to $981 per square foot.
Douglas Emmett’s total office portfolio includes 71 properties and 18.4 million square feet, the company said in a statement to the LA Business Journal. This purchase puts their share of the Class A office market in Beverly Hills above 27 percent.
In October, a nearby office building, the 97,000-square-foot Union Bank of California Building at 9460 Wilshire Boulevard, hit the market with an expected sale price above $1,200 per square foot. [LABJ] — Chava Gourarie