Larry Flynt, publisher of Hustler magazine, completed the sale of his company’s 10-story headquarters building in Beverly Hills, California, to Douglas Emmett Inc. for $89 million.
Flynt signed a lease with the real estate investment trust to remain the anchor tenant at the 220,000-square-foot (20,000-square-meter) building, Flynt Management Group LLC said today in a statement. With the acquisition, Douglas Emmett has eight Beverly Hills office properties, the Santa Monica, California-based company said in a separate statement.
Flynt bought the property “for less than $19 million, so we’ve been able to unlock significant equity which we can now put to much better use in other ventures and achieve greater returns,” he said in his statement.
The building, at the intersection of Wilshire and La Cienega boulevards, was built in 1972 for a bank, Great Western Savings. The black, oval-shaped tower has a bronze sculpture of actor John Wayne riding a horse in front and “Flynt Productions” in white lettering on the roof.