ENCINO, CA—The office market in Encino, CA, is attracting investors and generating healthy prices. Douglas Emmetthas entered into an agreement to purchase a 224,000-square-foot class-A office property for $89 million. The purchase price equates to $397 per square foot.
The purchase is expected to close in the first quarter of 2015, and is subject to standard closing conditions. The name of the seller in the transaction is undisclosed, and Douglas Emmett did not respond to a request for comment about the purchase.The property sits on just under an acre of land, and stands six stories tall.
Douglas Emmett has an extensive office portfolio consisting of 62 properties and 15.5 million square feet, including this purchase. The portfolio includes the Carthay Campus in Los Angeles, a 216,000-square-foot, two-building office property. Douglas Emmett purchased the property for $75.3 million, or $360 per square foot, from a joint venture between Cambra Realty and PRP LLC late last year. The purchase of this office facility is the first acquisition in Southern California since that purchase.
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Kelsi Maree Borland
