Douglas Emmett (NYSE:DEI) has acquired an interest in a 246,000-square-foot outpatient medical portfolio located in Beverly Hills’ Golden Triangle through a joint venture with Bedrock Credit.
The company completed the purchase of properties valued at $260 million, surpassing the joint venture’s $150 million equity benchmark by contributing 13% of the equity. The transaction includes a $103 million non-recourse interest-only mortgage tied to SOFR plus 1.70%, maturing in April 2031.
Portfolio Highlights
Bedrock Credit financed approximately 80% of the 400-block deal on Bedford Drive, excluding public parking. The portfolio serves 120 key tenants and maintains a 95% occupancy rate. This acquisition now accounts for about one-third of the total medical office space in the Golden Triangle.
The properties sit within two miles of Cedars-Sinai Medical Center and UCLA Ronald Reagan Medical Center. Douglas Emmett currently manages 16 assets totaling 240,000 square feet in Beverly Hills, owning or operating buildings in Los Angeles and Honolulu as well.
Strategic Expansion
Company officials highlight the move as a key step in enhancing its medical office holdings amid growing demand.
