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December 16, 2018
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SOUTHERN CALIFORNIA NEWS
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Douglas Emmett Spends $143 Mil on Beverly Hills Office Asset

12/22/17

Santa Monica-based Douglas Emmett Inc closed out the year with the purchase of 9401 Wilshire Blvd, a 146k sf office building at Canon Dr in Beverly Hills’ Golden Triangle. The 12-story asset was sold by MGM Management in a deal worth over $143 mil.

9401 Wilshire is immediately adjacent to some of the most luxurious hospitality and dining in the country, including Spago and Mastro’s restaurants, the Montage Hotel. It is also only two blocks from the world renowned Rodeo Drive shopping corridor.

Constructed in 1971, the building was designed by famed modernist architect Howard Lane and is the third tallest building in Beverly Hills. It is centrally located and within walking distance to the upcoming metro purple line.

The building was 98% leased at the time of sale. Tenants at the building include Bank of the West, Barrister Executive Suites and the law firm of Ervin Jessup & Cohen LLP, along with a number of health care-related businesses.

The property was sold by Cando Partners and Wilshire Canon Properties. Bob Safai, Matt Case, and Brad Schlaak with Madison Partners repped the seller in the deal, along with legal representation from Jeffrey Diener of Paul Hastings.

With this acquisition, Douglas Emmett owns over a quarter of the Class A office space in Beverly Hills, including the 97k sf Union Bank of California Building across the street at 9406 Wilshire Blvd that they acquired a few months earlier. They also picked up a 171k sf building at 9665 Wilshire Blvd prior to that. Douglas Emmett’s portfolio now totals over 18 msf of office space in 71 properties.






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