Douglas Emmett Acquires Office Property in Century City
SANTA MONICA, Calif., May 23 /PRNewswire-FirstCall/ -- Douglas Emmett, Inc. (NYSE: DEI), a real estate investment trust (REIT) whose primary focus is owning and acquiring top-tier office properties and multifamily communities within targeted submarkets, announced today that it has acquired a Class A office building located at 1801 Century Park West in Century City, California for a contract price of $32 million, or $642 per square foot, in an off-market transaction. In conjunction with the acquisition, the Company obtained the ground leasehold in the property and the option to acquire fee title to the land for a fixed price of $800,000. Jordan Kaplan, President and CEO, commented, "This acquisition further enhances our footprint within the Century City submarket and coincides with our overall submarket investment strategy." Mr. Kaplan concluded, "We will continue working to identify opportunities within our targeted submarkets where we can enhance our commanding market share of competitive office space." The building is comprised of 49,855 rental square feet, which is currently 100% leased through December 2019. Situated at the gateway to Century City, it is located within the Century City submarket where the Company already owns 866,123 square feet of office space, this mid-rise office tower offers views of the Pacific Ocean, Santa Monica Mountains, Hollywood Hills and the Los Angeles Country Club golf course. It has a distinctive contemporary architectural design, features floor-to-ceiling glass windows, modern finishes and valet guest parking. The property is easily accessible to the Santa Monica and San Diego Freeways and is within walking distance of an array of shopping venues, movie theatres and popular restaurants. 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 targeted submarkets in California and Hawaii. The Company's property portfolio currently consists of 47 office properties with approximately 11.6 million rentable square feet, nine multifamily properties with a total of 2,868 units, and interests in three land parcels. For more information on Douglas Emmett, please visit the Company's Web site at http://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 past forward-looking statements to anticipate future results or trends. For a discussion of some of the risks and uncertainties which 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 Securities and Exchange Commission.
SOURCE Douglas Emmett, Inc.
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