LOS ANGELES—Douglas Emmett, a public REIT, has purchased the Carthay Campus in Los Angeles for $75.3 million, or $360 per square foot, from a joint venture between Cambra Realty and PRP LLC. Located at 6310/6330 San Vicente Blvd., the class-A office campus has 216,000 square and two buildings.
Douglas Emmett funded the acquisition with a combination of cash and the company's line of credit. The company focuses on office properties in Los Angeles and Honolulu. Douglas Emmett already owns office properties in East Beverly Hills, adjacent to the location of the Carthay Campus, and a 191,000-square-foot office property nearby, which the REIT purchased late last year for $61 million. This acquisition brings its portfolio to 61 total properties and 15.3 million square feet. Douglas Emmett did not respond to a request for comment prior to the publication of this story.
Cambra Realty and PRP LLC purchased the property in 2009 for $44 million, according to industry sources, after the previous owner renovated it in 2008. At the time of the sale, the property had 83% occupancy. The purchase included a 561-stall parking area.
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Kelsi Maree Borland
