Douglas Emmett Adds to Westside, Valley Holdings
Douglas Emmett & Co., which manages Southland commercial real estate investments on behalf of various institutions, has quietly acquired four more local office buildings for more than $115 million.
Company leaders declined to discuss their activities, but Los Angeles County real estate records indicate Douglas Emmett recently purchased two towers in Encino, another in Brentwood and the four-story office building at 808 Wilshire Blvd. in Santa Monica, where the company is headquartered.
Douglas Emmett is already among the biggest office landlords in Brentwood and Santa Monica, and the Encino acquisitions help entrench the company’s position along Ventura Boulevard in the San Fernando Valley.
The investment fund called Douglas Emmett Realty Fund 1998 purchased the Encino buildings from TrizecHahn Office Properties. They are the 16-story Pinkerton Building at 15910 Ventura and the 20-story Encino Gateway at 15760 Ventura. Real estate investment sources estimate Encino Gateway fetched about $55 million, the Pinkerton building $30 million. Neither TrizecHahn nor Eastdil Realty, which helped TrizecHahn sell the properties, would specify the prices.
In addition to the former Sherman Oaks Galleria regional mall, now being converted into a mixed-use center, Douglas Emmett affiliates also own the 21-story American Pacific State Bank tower just across Ventura Boulevard and the 393,000-square-foot Encino Terrace Center. Rents--and hence values--at higher-quality office buildings in the Valley are expected to continue rising, according to a recent report from brokerage Colliers Seeley.
Back near its Westside home base, the Douglas Emmett 1998 fund purchased the four-story building at 11999 San Vicente Blvd. in Brentwood from Spieker Properties for an estimated $16 million. Neither Spieker nor its sales agent, CB Richard Ellis, would confirm the price.
Douglas Emmett also bought the 75,000-square-foot 808 Wilshire building, close to its other holdings in downtown Santa Monica, also for an estimated $16 million. The seller was an affiliate of Fujita Corp.
