12121 WILSHIRE BLVD | BRENTWOOD | CA
Aril 6, 2012: In the exclusive area of Brentwood, Douglas Emmett, already the largest office landlord in this market, closed on its much anticipated purchase of the 14-story, 311,000 SF Wilshire Bundy Plaza, 12121 Wilshire Blvd, at the NW corner of Wilshire and Bundy. The price was $111 Mil, or $358/sf representing the largest year-to-date sale in the West Los Angeles office submarket. The office building sits on 1.02 acres and is 85% occupied.
The deal was brokered by Bob Safai, of Madison Partners; who, despite difficult market conditions, a complicated property bankruptcy proceeding, and a difficult loan assumption process, was able to manage the transaction and get what many would consider a very healthy price for his client (the seller) in this economic environment. Madison had an exclusive listing to sell the building, which he has now done for the third time. Because of the complex bankruptcy and loan assumption process, the sale process lasted an entire year.
Douglas Emmett has retained Madison Partners to handle the leasing of the building.