Douglas emmett acquires beverly hills office building

Santa monica, calif.--(business wire)--douglas emmett, inc. (nyse: dei), a real estate investment trust (reit), announced that it has acquired a 74,000 square foot class “a” office building located at 150 south rodeo drive in the heart of beverly hills for a contract price of $42 million, or $568 per square foot, through its closed-end fund. with this acquisition, douglas emmett now owns and operates 7 office properties in beverly hills, aggregating more than 1.4 million square feet and approximately 19% of the class “a” office space within this submarket. douglas emmett’s total office portfolio now consists of 58 properties totaling approximately 14.7 million square feet. the company also owns 2,868 apartment units in los angeles and honolulu. about douglas emmett, inc. douglas emmett, inc. (nyse: 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 premier submarkets in southern california and hawaii. the company’s properties are concentrated in ten submarkets – brentwood, olympic corridor, century city, santa monica, beverly hills, westwood, sherman oaks/encino, warner center/woodland hills, burbank and honolulu. the company 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. the company maintains a website at www.douglasemmett.com. 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.
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