{"id":1004074046,"date":"2013-05-17T07:38:56","date_gmt":"2013-05-17T15:38:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004074046"},"modified":"2022-12-08T19:56:55","modified_gmt":"2022-12-09T03:56:55","slug":"douglas-emmett-buys-larry-flint-beverly-hills-office-building-for-89m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/douglas-emmett-buys-larry-flint-beverly-hills-office-building-for-89m\/","title":{"rendered":"Douglas Emmett Buys Beverly Hills Office Building from Larry Flynt for $89M"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

Douglas Emmett Inc. now owns over one-fifth of the Class A office stock in Beverly Hills. The REIT just acquired the 225,000-square-foot property at 8484 Wilshire Blvd. from L. Flynt, LTD.-8484 Inc. for $89 million, bringing its total presence in the submarket to 1.6 million square feet.\u00a0<\/span><\/p>\n

Douglas Emmett financed a portion of the acquisition with cash on hand. The 10-story tower last traded in 1994, when publisher and activist Larry Flynt acquired it for, as reported in the Hollywood Reporter, less than $19 million. Since then, the office destination has become commonly known as the Flynt Building.<\/p>\n

It’s not just any building. The William Pereira-designed property, originally developed in 1972 to house offices of Great Western Savings, holds the distinction of being one of the few elliptical-shaped buildings in Los Angeles.<\/p>\n

The property comes with a diverse tenant roster that includes users ranging from physicians and attorneys to entertainment firms and the consulates of Brazil and the Consulate of Ecuador.<\/p>\n

With a price tag of $395 per square-foot, 8484 Wilshire fetched a pretty penny, but a few other office properties in Beverly Hills have recently commanded even prettier pennies. During the first quarter of 2013, the building at 100 Crescent Dr. sold for $667 per square-foot, and in the fourth quarter of 2012, 474 N. Beverly Dr. reeled in a whopping $1 million per square-foot.<\/p>\n

Douglas Emmett’s last office purchase in the submarket came in 2011, when the REIT snapped up the 74,000-square-foot asset at 150 S. Rodeo Dr. for $42 million, or $568 per square-foot.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Douglas Emmett now owns more than one-fifth of the Class A office stock in Beverly Hills, Calif. The REIT just acquired the 225,000-square-foot property at 8484 Wilshire Blvd. from Larry Flynt for $89 million, bringing its total presence in the submarket to 1.6 million square feet.<\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,15],"tags":[],"class_list":["post-1004074046","post","type-post","status-publish","format-standard","hentry","category-investment","category-latest","category-office","category-west"],"acf":[],"yoast_head":"\nDouglas Emmett Buys Beverly Hills Office Building from Larry Flynt for $89M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/douglas-emmett-buys-larry-flint-beverly-hills-office-building-for-89m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Douglas Emmett Buys Beverly Hills Office Building from Larry Flynt for $89M\" \/>\n<meta property=\"og:description\" content=\"Douglas Emmett now owns more than one-fifth of the Class A office stock in Beverly Hills, Calif. 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