Blackstone Sells 4 Office Towers To Douglas Emmett For $1.34B
In one of the largest office sales Los Angeles has seen in years, Santa Monica-based Douglas Emmett confirmed it will buy four LA office towers totaling 1.72M SF for $1.34B ($779/SF).
While Douglas Emmett, one of the West Coast's largest landlords, did not name the seller, Blackstone gained the buildings in its 2007 buyout of Equity Office Properties Trust. Blackstone put them on the market in September, according to CoStar.
Three of the buildings are on Wilshire Boulevard with the fourth in Westwood at 1100 Glendon Ave. The deal represents one of the largest office sales on the West Coast in years, the Wall Street Journal reported last year.
Douglas Emmett will have a 74% market share in the Wilshire Westwood Corridor. The portfolio is 89% leased. The deal is expected to close by March 31. [CoStar]
