The portfolio consists of four Class "A" office buildings in Westwood totaling 1.725M square feet, and the purchase price was about $1.34B, or $777 per square foot.
Douglas Emmett (NYSE:DEI) teamed with Qatar Investment Authority for the buy, and DEI expects to retain a 20-30% equity interest after selling off some more to institutional buyers.
With this purchase, DEI now controls about 74% of the Westwood-Wilshire office corridor. The company's total commercial portfolio is up to 66 office properties totaling about 17.2M square feet.
Source: Press Release
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