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|Big Money Spent for Two Downtown Santa Monica Buildings|
By Jonathan Friedman
April 28, 2017 -- Major area property owner Douglas Emmett announced this week that the company has acquired two Downtown Santa Monica office buildings from the Blackstone Group for a combined $352.8 million.
It is likely the highest price per square foot paid for a large commercial building in Santa Monica, according to local real estate observers.
The Qatar Investment Authority has been making "private sector investments covering many countries around the world," The Peninsula, Qatar's daily newspaper, reported this month.
The "strategic" investments by Qatar "are selected and carefully planned to yield large revenues in the long term and to be income resources for the future generations," Qatar Chamber chairman Sheikh Khalifa bin Jassim Al Thani said in the April 3 article.
Qatar's overseas investments policy "relies on adopting investment opportunities with least risk and maximum profit," according to the article.
When the Ocean Avenue property’s potential purchase price of $287 million was first reported in the Real Deal in March, the proposal Douglas Emmett was putting on the table “blew the pack (of competitors) away,” the real estate magazine reported.
Real estate development consultant Robert O. York told The Lookout earlier this month, "Once you break $1,000 a square foot, you're in pretty rarefied air and that's becoming more typical" (“Santa Monica Commercial Property Prices Hit Record Highs,” April 11, 2017).
With the two purchases, Douglas Emmett’s Santa Monica holdings increased to 11 structures, according to its website.
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