BREAKING NEWS

Unilev Taps Stream Realty

58 Cities Drop Off Million-Dollar Home List

RNR Real Estate Briefs – HOU, AUS, DAL & more

Offices For Energy Transition

Partners Buys Former Hartman Properties

Griffin Partners Gains Tenants at Loop Central

REALTY NEWS REPORT - Logo

Banner
  • Home
  • Categories
    • Breaking News
    • Houston
    • Residential
    • New Development
    • People
    • Office
    • Multi-Family
    • Capital Markets
    • Texas
    • Retail
    • Hospitality
    • Industrial
    • Land
    • Lease Brief
    • Medical
    • National
    • Realty News Report
    • Trades
    • Uncategorized
  • Archive
  • Subscribe
  • The Ralph Bivins Project
  • About
  • Contact
FacebookLinkedinYoutubeEmail
REALTY NEWS REPORT - Logo

Hines Sells California Tower for $616 Per SF

by Realty News ReportJuly 21, 2016
Share0

LOS ANGELES – Hines has sold the 12100 Wilshire building in the Brentwood area of Los Angeles for $225 million or $616 per SF.

The 19-story building was purchased by a joint venture of the Douglas Emmett Inc. REIT of Santa Monica, Calif. and the Qatar Investment Authority.

Hines, on behalf of its U.S. Office Value Added Fund II, acquired the 350,000 SF building from RREEF in 2007.

Designed by Tracy Price Associates, 12100 Wilshire was completed in 1985. The building, which is ranked LEED GOLD,  features ocean views.

The building is 77 percent leased.

The acquisition increases Douglas Emmett’s ownership share of the Brentwood Class “A” office market from 50 percent to 61 percent.

Douglas Emmett will manage the joint venture and expects to retain a 20% to 30% equity interest, with the remainder held by institutional partners.  Due to the below market occupancy of the property, it was acquired using a new secured, non-recourse $90 million interest only loan that matures in July 2019.  The loan bears interest at a floating rate of Libor plus 1.55%.

Douglas Emmett’s total office portfolio now consists of 67 office properties totaling approximately 17.6 million square feet.  Douglas Emmett also owns ten apartment communities in Los Angeles and Honolulu comprising 3,336 units.

July 21, 2016

Share0
previous post
Vacation Homes: The Secret is Generating Income
next post
Colliers: Office Vacancy Soars in Houston Suburbs

Related posts

Unilev Taps Stream Realty

Realty News ReportMarch 21, 2023

58 Cities Drop Off Million-Dollar Home List

Realty News ReportMarch 20, 2023

RNR Real Estate Briefs – HOU, AUS, DAL & more

Realty News ReportMarch 18, 2023March 18, 2023

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Search News

Partners Ad
CBRE Ad
Arch Con Corporation Ad
Hines Ad
Avera Ad
Ziegler Cooper Ad
Lee & Associates Ad
2021 Realty News Report Ad
Property Logos
RNR - Lincoln Property Company
Hal Gordon - Property Tax Lawyer
Hunington Ad
Evergreen Commercial Realty
STREAM Ad
Hunington Ad

Let's Connect

logo
About US
Author Ralph Bivins is editor of Realty News Report, which covers regional and national news. Bivins recently received the Gold Award for Best Column in the National Association of Real Estate Editors Journalism Competition. Contact us
Follow us
FacebookLinkedinYoutubeEmail
@2022 All Right Reserved. Powered by CGS Digital Marketing
REALTY NEWS REPORT - Logo
FacebookLinkedinYoutubeEmail
  • Home
  • Categories
    • Breaking News
    • Houston
    • Residential
    • New Development
    • People
    • Office
    • Multi-Family
    • Capital Markets
    • Texas
    • Retail
    • Hospitality
    • Industrial
    • Land
    • Lease Brief
    • Medical
    • National
    • Realty News Report
    • Trades
    • Uncategorized
  • Archive
  • Subscribe
  • The Ralph Bivins Project
  • About
  • Contact