DOUGLAS EMMETT INC. ACQUIRES 174,000-SQUARE-FOOT OFFICE BUILDING

SANTA MONICA, CALIF. — Douglas Emmett Inc. has acquired Cornerstone Plaza, an eight-story, 174,000-square-foot office building located at 1990 S. Bundy Dr. in the Olympic Corridor area of Santa Monica. The Class A property was purchased for $84 million or approximately $484 per square foot. The building features a curvilinear step-up architectural design, which provides exterior terraces on each floor; a two-story lobby with granite and glass finishes; and a courtyard with a water fountain feature.