Douglas Emmett Acquires Beverly Hills Office Building
8484 WILSHIRE BOULEVARD
SANTA MONICA, Calif., May 15, 2013
SANTA MONICA, Calif., May 15, 2013 /PRNewswire/ -- Douglas Emmett, Inc. (NYSE:
DEI), a real estate investment trust (REIT), announced that it has acquired a
225,000 square foot Class "A" multi-tenant office building located at 8484
Wilshire Boulevard in Beverly Hills for a contract price of $89 million, or
$395 per square foot.
With this acquisition, Douglas Emmett now owns and operates 8 office
properties in Beverly Hills, aggregating more than 1.6 million square feet and
approximately 21% of the Class "A" office space within this submarket.
Douglas Emmett's total office portfolio now consists of 59 properties totaling
approximately 14.9 million square feet. The Company also owns nine premier
apartment communities in Los Angeles and Honolulu totaling approximately 2,900
About Douglas Emmett, Inc.
Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and
self-managed real estate investment trust (REIT), and one of the largest
owners and operators of high-quality office and multifamily properties located
in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett
focuses on owning and acquiring a substantial share of top-tier office
properties and premier multifamily communities in neighborhoods that possess
significant supply constraints, high-end executive housing and key lifestyle
amenities. For more information about Douglas Emmett, please visit our
Safe Harbor Statement
Except for the historical facts, the statements in this press release
regarding Douglas Emmett's business activities are forward-looking statements
based on the beliefs of, assumptions made by, and information currently
available to us about known and unknown risks, trends, uncertainties and
factors that are beyond our control or ability to predict. Although we believe
that our assumptions are reasonable, they are not guarantees of future
performance and some will inevitably prove to be incorrect. As a result, our
actual future results can be expected to differ from our expectations, and
those differences may be material. Accordingly, investors should use caution
in relying on forward-looking statements to anticipate future results or
trends. For a discussion of some of the risks and uncertainties that could
cause actual results to differ from those contained in the forward-looking
statements, see "Risk Factors" in our Annual Report on Form 10-K filed with
the U.S. Securities and Exchange Commission.
Stuart McElhinney, Vice President – Investor Relations 310.255.7751
SOURCE Douglas Emmett, Inc.
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