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BRENTWOOD, CA-Dougas Emmett Inc. of nearby Santa Monica has acquired the 310,000-square-foot Wilshire Bundy Plaza office building for $111 million in a bankruptcy proceeding in a deal that marks the third time that Los Angeles-based brokerage Madison Partners has sold the property. The 14-story office tower, which is situated on 1.02 acres of land at 12121 Wilshire Blvd. in the West Los Angeles submarket of Brentwood and was 85% occupied at closing, was sold in a bankruptcy involving Namco Capital Group of Los Angeles.

Madison Partners’ Bob Safai says that the $358-per-square-foot deal represents the largest year-to-date sale in the West Los Angeles office submarket. He cites “difficult market conditions, a complicated property bankruptcy proceeding and a difficult loan-assumption process” involved in the transaction. “Because of the complex bankruptcy and loan assumption process, the sale process lasted an entire year,” Safai says.

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