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Douglas Emmett JV forks out $139.5M on Calif. office property

Douglas EmmettInc. purchased a class A office building in Santa Monica, Calif.,for $139.5 million.

The 129,000-square-foot, 94%-leased property at 233 WilshireBlvd. will be held in the company's existing consolidated joint venture, whichalso purchased theoffice building at 12100 Wilshire Blvd. in July.

The venture, which includes Qatar Investment Authority andother institutional investors, borrowed $56 million under a secured,nonrecourse loan due July 2019 in conjunction with the acquisition. Theinterest-only loan bears an interest rate equal to the LIBOR plus 1.55%.

Douglas Emmett also plans to sell a portion of its interestin the venture to another sovereign wealth fund investor, thereby paring itscapital stake in the venture to 20%.

The acquisition and planned stake sale did not affect aseparate consolidated joint venture in which Douglas Emmett owns a 30% capitalstake. That venture purchased four buildings in the Los Angeles submarket ofWestwood in February.

At present, Douglas Emmett owns an office portfolio of 67properties aggregating about 17.6 million square feet and 10 premier apartmentcommunities in Los Angeles and Honolulu totaling 3,336 units.