Posted: June 1st, 2017
A real estate trade publication called The Real Deal reported in March 2017 that Douglas Emmett would acquire two additional properties from Blackstone Group LP: 1299 Ocean Avenue and 429 Santa Monica Boulevard, both in Santa Monica, California.
A Douglas Emmett press release, dated April 26, 2017, revealed that the company had purchased the two buildings (1299 Ocean and 429 Santa Monica) for a “combined purchase price of approximately $352.8 million.” The press statement disclosed that the “existing joint venture” with Qatar Investment Authority was used for the acquisition. It further stated:
“A portion of the purchase price was provided by a $142 million secured, non-recourse, interest-only loan to the joint venture that matures July 2019 and bears interest at Libor plus 1.55%. Douglas Emmett provided 20% of the equity capital and manages the joint venture.”
Two Delaware entities called DE Pacific 1299 and DE Pacific 429 were incorporated on 20 March 2017. They bear the same “DE Pacific” moniker as the JV vehicles that acquired 12100 and 233 Wilshire Boulevard on behalf of QIA and Douglas Emmett.