Santa Monica-based real estate investment trust Douglas Emmett bought Murdock Plaza at 10900 Wilshire Boulevard from Tishman Speyer through a deed-in-lieu of foreclosure, The Real Deal has learned.
The 17-story office tower at the corner of Westwood and Wilshire boulevards traded hands earlier this month for a value of $131.1 million, or $539 per square foot, according to a source with knowledge of the deal and county property records made public Jan. 3.
A spokesperson for the Jordan Kaplan-led Douglas Emmett — which is marketing available office space at the 243,040-square-foot property on its website — did not respond to a request for comment.
The company now owns eight office buildings in the neighborhood directly south of UCLA’s campus, including six on Wilshire Boulevard.
The Westwood office tower has an illustrious history and was once home to former Los Angeles Mayor Richard Riordan’s office. Sports talent management and marketing firm Wasserman Group is the property’s largest tenant today, according to Morningstar data.
Tishman Speyer bought Murdock Plaza in 2014 for $125 million and secured a $122.7 million loan from Blackstone Mortgage Trust in 2021, according to property records and Morningstar data.
The deal with Douglas Emmett spares the New York office developer from defaulting on that debt, which was set to come due in April. The loan was sent to special servicing last October due to imminent default.
Spokespeople for Tishman Speyer and Blackstone declined to comment.
Blackstone will remain in the picture at the 243,000-square-foot 10900 Wilshire. The private equity giant provided Douglas Emmett with a $61.8 million loan to finance the acquisition, property records show.
Eastdil Secured brokered the deal, according to the source who spoke on condition of anonymity. A spokesperson for the brokerage did not immediately respond to a request for comment.