BEVERLY HILLS, CA–Hustler magazine founder and chairman Larry Flynt has sold his company's iconic headquarters building at 8484 Wilshire Blvd. for $89 million to Douglas Emmett Inc. Terms of the deal were not disclosed.

Flynt also signed a long-term lease for his company to remain in the building as its anchor tenant.

“I bought the building in 1994 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,” said a statement from Flynt.

The 10-story, class-A office building has more than 220,000 square feet of office and retail space. It has floor-to-ceiling windows in all offices and view corridors throughout. It was built in 1972 as headquarters for the Great Western Savings Bank, with its elliptical structure designed by William Pereira & Associates.

“We were pleased by the overall interest we received from the market,” said Christopher Woodward, the LFP Inc./Flynt Management Group CFO, in a statement. “Douglas Emmett is a premier company and went the extra mile for us on this transaction. This sale gives us the flexibility to continue exploring expansion initiatives and other strategic opportunities throughout our organization.”

Tenants of the building also include the Consulates of Brazil and Equador. Brad Sevier of Highland Realty Capital brokered the sale.

As reported earlier by GlobeSt.com, Highland Realty Capital has been involved in several large deals.