LOS ANGELES-Southland-based Douglas Emmett Realty Advisors and San Jose-headquartered DivcoWest Properties are expected to announce this week that DivcoWest has sold the 1901 Avenue of the Stars building it acquired a few years ago for about $155 million, brokers familiar with the negotiations tell GlobeSt.com.

Privately held Douglas Emmett has already signed a contract to buy the 482,000-sf office tower that stands between Constellation and Santa Boulevards in Century City. “They [DivcoWest and Douglas Emmett] have a deal sewn up, but there’s still some paper work to complete,” says one Westside broker close to the talks. “Unless something really surprising happens, they should announce the deal within the next couple of days.”

Divco and Westbrook Partners acquired both the 1901 Avenue of the Stars building and the neighboring, 596,000-sf 1900 Avenue of the Stars building for a total of $205 million about three years ago. The pair soon launched a $20-million renovation program of the property and also started marketing it more aggressively.

Their work has apparently paid off. The 1901 Avenue of the Stars building is about 97% leased, brokers say, though rental activity in the Century City submarket has recently softened as its all-important entertainment and financial-services tenants take a second look at their space requirements.

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