Office Building Near Santa Monica's Third Street Promenade Sold for $139.5 Million

SANTA MONICA, CA — Douglas Emmett Inc., a real estate investment trust, announced Tuesday the acquisition of an office building at the entrance to Santa Monica's Third Street Promenade for $139.5 million.

The 129,000-square-foot Class "A" office property at 233 Wilshire Blvd. is 94 percent leased and features panoramic views of the Santa Monica Bay and coastline.

The property will be held by an existing consolidated joint venture with institutional investors, including Qatar Investment Authority, which was founded by the State of Qatar in 2005 and is headquartered in Doha, according to Douglas Emmett officials.

The joint venture, which also acquired a building at 12100 Wilshire Blvd. in July, borrowed $56 million for the purchase under a secured interest- only loan that matures in July 2019.

"Concurrent with the purchase of the property, Douglas Emmett reduced its capital interest in the consolidated joint venture to 20 percent through the planned sale of a portion of its interest to another sovereign wealth fund investor," according to a company statement.

— City News Service, photo via Shutterstock