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10/04/16
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A 128.9k sf, trophy office building located at 233 Wilshire in downtown Santa Monica has traded hands. The property was purchased by Douglas Emmett Inc, who acquired the asset free and clear of debt from Blackstone in a deal we’re told went for near $140 mil ($1,086/sf).
233 Wilshire is situated on the corner of Wilshire Blvd and 3rd St in downtown Santa Monica, one of the most desirable office locations in Southern California. The property is adjacent to the 3rd Street Promenade, which attracts more than 15 million visitors per year and features retailers Nike, Nordstrom, Bloomingdale’s, Apple, Tesla and Lululemon, among others. Additionally, 233 Wilshire has access to more than 375 food, retail and entertainment options within one mile of the property.
The Class A asset features floor-to-ceiling ocean and mountain views, a newly-renovated lobby and common areas and a 385-stall subterranean parking garage. 233 Wilshire is 91 percent leased to tenants, including Luther Burbank Savings, Tunnel, Inc., Hirschfeld Kraemer LLP, GoodRX, Inc. and Enenstein & Ribakoff.
Ryan Gallagher, Michael Leggett, Andrew Harper, Tim Geiman and Michael Matchett of HFF represented the seller in the transaction, and also procured the buyer.
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