SANTA MONICA, Calif., Oct. 31 /PRNewswire-FirstCall/ -- Douglas Emmett, Inc. , a real estate investment trust (REIT) whose primary focus is owning and acquiring top-tier office properties and multifamily communities within targeted submarkets, announced today that it has acquired Cornerstone Plaza, an 8-story, Class A office building comprised of approximately 174,000 square-feet for a contract price of $84 million, or approximately $484 per square foot. This acquisition increases the Company's assets within the Olympic Corridor submarket to 5 office buildings, totaling approximately 1.1 million rentable square feet.
Jordan Kaplan, President and CEO, commented, "We are extremely pleased to have acquired this high-quality office building with 15.8% vacancy within the Olympic Corridor, one of the strongest submarkets in Los Angeles." Mr. Kaplan concluded, "This acquisition exemplifies our strategy of acquiring premiere office space within our targeted markets and, more importantly, it gives us additional available space to satisfy the strong tenant demand we are currently experiencing in our markets."
The Olympic Corridor submarket is located between Santa Monica and Century City. The building is located at 1990 South Bundy Drive, just north of the intersection of Bundy Drive and Olympic Boulevard. The building is distinguished by a curvilinear "step-up" architectural design, which provides exterior terraces on every floor. The 2-story lobby has modern finishes of granite and glass, which is connected to an inviting courtyard with a water fountain that is surrounded by an abstract architectural feature. Cornerstone Plaza has convenient access to the Santa Monica and San Diego Freeways. It offers panoramic views of the Pacific Ocean, surrounding cityscapes and mountain ranges and is close to a variety of dining and shopping amenities.
About Douglas Emmett, Inc.
Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in targeted submarkets in California and Hawaii. The Company's properties are concentrated in ten premier submarkets -- Brentwood, Olympic Corridor, Century City, Santa Monica, Beverly Hills, Westwood, Sherman Oaks/Encino, Warner Center/Woodland Hills and Burbank and Honolulu, Hawaii. The Company focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. For more information on Douglas Emmett, please visit the Company's Web site at http://www.douglasemmett.com/.
Safe Harbor Statement: Except for the historical facts, the statements in this press release regarding Douglas Emmett's business activities are forward-looking statements based on the beliefs of, assumptions made by, and information currently available to, us about known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on past forward-looking statements to anticipate future results or trends. For a discussion of some of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission.
