Douglas Emmett Inc., a Santa Monica-based real estate investment trust, announced Wednesday that it has acquired a 225,000-square- foot office building in Beverly Hills for $89 million, or $395 per square foot.
With the acquisition of the multi-tenant building at 8484 Wilshire Blvd., Douglas Emmett now owns and operates eight office properties in Beverly Hills totaling more than 1.6 million square feet, representing 21 percent of the Class A office space in that area, according to the REIT. Douglas Emmett's complete office portfolio now consists of 59 properties totaling 14.9 million square feet.
The company also owns nine apartment communities in Los Angeles and Honolulu totaling about 2,900 units.
-City News Service contributed to this post.
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