Douglas Emmett Expands Holdings-Acquires $139.5 Million Office Property In Santa Monica, California
09/30/2016
The 94% leased property is located at the entrance to the Santa Monica Third Street Promenade, and features panoramic views of the Santa Monica Bay and Coastline. According to Douglas Emmett, “the property will be held by an existing consolidated joint venture with institutional investors including Qatar Investment Authority. That joint venture, which also acquired 12100 Wilshire Boulevard in July, borrowed $56 million for the purchase under a secured, non-recourse interest only loan that matures in July 2019 and bears interest at Libor plus 1.55%."
Concurrent with the purchase of the property, Douglas Emmett reduced its capital interest in the consolidated joint venture to 20% through the planned sale of a portion of its interest to another sovereign wealth fund investor, DE officials said. “These transactions did not affect the separate consolidated joint venture that acquired four buildings in Westwood in February 2016 and in which Douglas Emmett currently holds a 30% capital interest.”
Douglas Emmett's total office portfolio now consists of 67 office properties totaling approximately 17.6 million square feet. Douglas Emmett also owns ten premier apartment communities in Los Angeles and Honolulu comprising 3,336 units.
For Qatar Investment Authority, this acquisition represents another step in its plans to significantly expand its US investment portfolio, and follows other large investments in real estate, such as the Manhattan west project in New York City last year, the acquisition of the Westwood Office portfolio with Douglas Emmett earlier this year, and the recent acquisition of a 9.9% interest in Empire State Realty Trust. In 2015, QIA announced plans to invest $35 billion in North America over five years, officials said.
Project Announcements
Kimberly-Clark Expands Aiken County, South Carolina, Distribution Operations
05/04/2025
Aerowerks Plans Gaffney, South Carolina, Manufacturing Operations
05/04/2025
Sweden-Based Troax Group Plans Portland, Tennessee, Manufacturing Operations
05/04/2025
Kimberly-Clark Corporation Plans Warren, Ohio, Manufacturing Operations
05/04/2025
Denmark-Based Novonesis Expands Salem, Virginia, Production Operations
05/04/2025
Polyvlies USA Expands Winston-Salem, North Carolina, Manufacturing Operations
05/04/2025
Most Read
-
Run a Job Task Analysis
Q4 2024
-
39th Annual Corporate & 21st Annual Consultants Surveys: What Business Leaders and Consultants Are Saying About Site Selection
Q1 2025
-
The Location Economics of Advanced Nuclear
Q1 2025
-
Why Workforce Readiness Can’t Wait
Q1 2025
-
Power, Policy, and Site Selection in 2025
Q1 2025
-
Is It Time to Start Planning for Quantum Data Centers?
Q1 2025
-
Top States for Doing Business in 2024: A Continued Legacy of Excellence
Q3 2024