{"id":8732,"date":"2017-04-28T10:09:03","date_gmt":"2017-04-28T10:09:03","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=8732"},"modified":"2017-12-05T08:49:02","modified_gmt":"2017-12-05T08:49:02","slug":"douglassemmett-qia-expand-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/douglassemmett-qia-expand-portfolio\/","title":{"rendered":"Douglas Emmett, QIA Expand LA Office Portfolio"},"content":{"rendered":"

 <\/p>\n

A joint venture between Douglas Emmett and the Qatar Investment Authority announced the purchase of two downtown Santa Monica office buildings<\/a> totaling 293,102 square feet, for a combined price of approximately $352.8 million. Douglas Emmett provided 20% of the equity capital and is the managing partner.<\/p>\n

The largest of the two properties is Wilshire Palisades<\/a>\u2014<\/em>a Class A, 11-story, 205,715-square-foot oceanfront office building located at 1299 Ocean Ave<\/a>. The property was originally completed in 1980 and is now one of a few Class A Los Angeles office buildings to command significant rent premiums due to their beachfront views. The building features private balconies and a park plaza facing the coastline.<\/p>\n

The second property is a seven-story\u00a0office building located at 429 Santa Monica<\/a>. It encompasses 87,927 square feet, including retail on floors one and seven. The building’s location is\u00a0close to the Third Street Promenade mixed-use retail, dining and entertainment center and offers tenants good access to public transport, as well as both ocean and mountain views.<\/p>\n

Accounting for known move-outs, Wilshire Palisades is 79% leased and 429 Santa Monica is 70% leased, making this deal a great lease-up opportunity.<\/p>\n

This joint venture was one of the most active buyers on the market in 2016<\/a>, when it invested over $1.5 billion in the acquisition<\/a> of five Class A office buildings totaling roughly 2 million square feet: 10880 Wilshire<\/a>, 10960 Wilshire<\/a>, 12100 Wilshire<\/a>, The Tower<\/a> and the Westwood Center<\/a>.<\/p>\n

According to a Douglass Emmett statement, the purchase of this new portfolio brings the company’s ownership share of the Class A downtown Santa Monica office market<\/a> up from 55% to 71%.<\/p>\n

\"WilshireWilshire Palisades, 1299 Ocean Ave (2017 acquisition)<\/span><\/a><\/div>
\"429429 Santa Monica Ave (2017 acquisition)<\/span><\/a><\/div>
\"WestwoodWestwood Center, 1100 Glendon Ave (2016 acquisition)<\/span><\/a><\/div>
\"1210012100 Wilshire Ave (2016 acquisition)<\/span><\/a><\/div>
\"1096010960 Wilshire Ave (2016 acquisition)<\/span><\/a><\/div>
\"TheThe Tower, 10940 Wilshire Ave (2016 acquisition)<\/span><\/a><\/div>
\"1088010880 Wilshire Ave (2016 acquisition)<\/span><\/a><\/div><\/div>
<\/span><\/span><\/div>
<\/div><\/div><\/div>Office properties in the DE & QIA Los Angeles Portfolio (images courtesy of Yardi Matrix)<\/em><\/p>\n

 <\/p>\n

Looking for the perfect space for your business? Head over to CommercialCafe<\/a> and start your search!<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

  A joint venture between Douglas Emmett and the Qatar Investment Authority announced the purchase of two downtown Santa Monica office buildings totaling 293,102 square feet, for a combined price of approximately $352.8 million. Douglas Emmett provided 20% of the equity capital and is the managing partner. The largest of the two properties is Wilshire…<\/p>\n","protected":false},"author":48,"featured_media":8733,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,39],"tags":[],"class_list":["post-8732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-office","wpautop"],"acf":[],"yoast_head":"\nDouglas Emmett, QIA Expand LA Office Portfolio - CommercialCafe<\/title>\n<meta name=\"description\" content=\"Douglass Emmett and QIA continue the strong momentum built in 2016 and purchase a two-building Santa Monica office portfolio for $352.8 million\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/douglassemmett-qia-expand-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Douglas Emmett, QIA Expand LA Office Portfolio\" \/>\n<meta property=\"og:description\" content=\"Douglass Emmett and QIA continue the strong momentum built in 2016 and purchase a two-building Santa Monica office portfolio for $352.8 million\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/douglassemmett-qia-expand-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-28T10:09:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-12-05T08:49:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/shutterstock_10942888.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Ginsac\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ioana Ginsac\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/douglassemmett-qia-expand-portfolio\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/douglassemmett-qia-expand-portfolio\/\",\"name\":\"Douglas Emmett, QIA Expand LA Office Portfolio - 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