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Hines Gets Back Its $225M on Office Deal

LOS ANGELES—Douglas Emmett buys a West L.A. office building for $225 million from Hines, which purchased the property for the same price during the last peak and held it through the downturn.

Los Angeles The property is located in West Los Angeles.

LOS ANGELES—Douglas Emmett in a consolidated joint venture with Qatar Investment Authority has acquired a class-A office property in the Brentwood submarket of West Los Angeles for $225 million from Hines. Hines had purchased the property in 2007 for the same $225 million price tag, and held it through the recession after prices fell. Located at 12100 Wilshire Blvd., the property is 365,000 square feet and 77% leased.

“It was good that Hines could hold onto it as long as they did to get back to the price that they paid for it in the last peak,” Aleks Trifunovic, president of the Lee & Associates West L.A. office, tells GlobeSt.com. I am sure that Hines was happy to dispose of the building at the price that they paid for it.” Trifunovic is a market expert and was not involved in the transaction. Both Douglas Emmett and Hines did not respond to a request for comment.

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Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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