Tag Archives: hills

Douglas Emmett Obtains Beverly Hills Office Property to Finish Up Yearlong Purchasing Spree

By: Karen Jordan and Jacquelyn Ryan

Santa Monica-based Douglas Emmett, Inc. (NYSE: DEI), one of the Westside’s largest proprietors, purchased the 146,300-square-foot office complex at 9401 Wilshire Blvd. in the Golden Triangle of Beverly Hills for $143.6 million, or $981 per square foot.

In getting the home from Beverly Hills-based MGM Management Co., Douglas Emmett now owns more than 27% of the Class A workplace in Beverly Hills. The REIT owns about 71% of the Class An office in downtown Santa Monica, part of a total portfolio of 71 structures making up 18.4 million square feet.

The newest property, known as the Beverly Hills Financial Center, is at the corner of Wilshire and Canon, just steps from Spago, the Montage Beverly Hills and Rodeo Drive.

The shopping destination is noted as the second-most expensive area in the U.S., inning accordance with Cushman and Wakefield’s recent Main Streets Across the World International Report.

The 9401 Wilshire office complex is fully inhabited by tenants that include law practice Ervin, Cohen Jessup LLP; Barrister Executive Suites and Bank of the West.

The seller, MGM Management Co., developed the building in 1972 and renovated it in 1999.

In total worth, it’s the second-highest sale in Beverly Hills this year, following Douglas Emmett’s sale of 9665 Wilshire Blvd. in July to Blackstone Group LP for $177 million, or $1,034.40 per square foot, inning accordance with CoStar information.

“Their increased control of the West Los Angeles stock, consisting of in desirable markets like Beverly Hills and Santa Monica this year, will continue to give them increased prices power, specifically for multi-tenant item as the job rate continues to tighten up,” stated Kevin Shannon, Newmark Knight Frank president of West Coast Capital Markets.

Douglas Emmett got an amortizing loan of about $32.3 million with a 4.55% interest rate that will develop in 2038.

The balance of the purchase was moneyed with cash and the issuing of roughly 2.6 million units in its operating partnership to the seller at a comparable rate of about $40.60.

Jonathan Larsen, Avison Young principal and handling director, described the sale as a “good long-lasting purchase” listed below $1,000 per square foot in the Golden Triangle.

“The building needs a complete renovation, but Douglas Emmett will turn it into a Class An asset,” said Larsen.

Previously this year, Douglas Emmett got, in a joint venture with Qatar Investment Authority, 2 office complex in downtown Santa Monica: 1299 Ocean Ave. and 429 Santa Monica Blvd., for a total of about $352.8 million.

It has likewise added home communities to its portfolio, with approximately 3,320 existing units and 850 in advancement in between Los Angeles and Honolulu.

More Office Handle the Functions

This will not be the only office building to trade in Beverly Hills Golden Triangle in current weeks.

Another prominent home actions away, the Union Bank Building at 9460 Wilshire Blvd., is currently under agreement to an as-yet unnamed purchaser. Its purchase price is likely to exceed $130 million, according to sources.

The nine-story, nearly 100,000-square-foot Class An office complex with 30,000 square feet of ground flooring retail is in a prime area one block east of Rodeo Drive in the Beverly Hills Triangle.

The Beverly Union Business has actually owned the Union Bank of California structure given that 1978. It takes up a full city block and was built in 1959 and renovated in 1990, inning accordance with CoStar information.

Its other occupants include 3 Arts Home entertainment and Universal Properties, Inc.

. Please see CoStar COMPs # 4087186 for more information on the Douglas Emmett transaction.

Centennial Hills Medical facility including 36 rooms

Wednesday, Oct. 7, 2015|12:56 p.m.

Centennial Hills Hospital will certainly build out its fourth floor, including 36 inpatient beds as part of a $9.7 million task. The healthcare facility will certainly have 226 overall inpatient beds when the expansion is completed later on next year.

The improvement of the empty area on the 4th floor will cause 20 personal medical/surgical rooms and 16 intermediate medical care spaces in response to enhancing need for inpatient care, said Sajit Pullarkat, CEO and handling director of Centennial Hills Hospital. More parking and a brand-new elevator will certainly be included, too.

The fourth-floor transformation is the latest in a string of tasks at the northwest valley health center, which opened in 2008.

The health center just recently added four labor and hospital room and a nine-bed, Level III neonatal extensive care device for clinically fragile babies. 2 additional surgical suites will be completed by the end of the year.

“These projects represent about a $15 million financial investment to grow and support our local community needs given that 2014,” Pullarkat said in a statement.

Centennial Hills Healthcare facility belongs to the Valley Health System, which is also constructing a four-story client care tower at Spring Valley Medical facility and the brand-new 142-bed Henderson Health center at the corner of Gibson Roadway and Galleria Drive.

In August, MountainView Health center, which belongs to the Sunrise Health System, announced a $90 million development project that will add 64 healthcare facility beds, a Level III neonatal intensive care unit and expand women’s services and the emergency department. An 80,000-square-foot medical workplace structure will be improved 8.2 acres next to the medical facility.

Customer Reports Ranks Centennial Hills as best hospital in area at avoiding infections

Wednesday, July 29, 2015|3 a.m.

Centennial Hills Health center is a regional leader in preventing potentially lethal infections, according to a Consumer Reports analysis of the area’s medical centers launched Wednesday. A number of other regional medical facilities didn’t do also.

The medical facility in the valley’s far northwest fared best in the research, which took a look at the rate of infections including MRSA, C. difficile, central-line, catheter-urinary tract and medical site.

7 other local hospitals– MountainView, North Vista, St. Rose Dominican-San Martin Campus, St. Rose Dominican-Siena Campus, Summerlin, Valley and University Medical Center– got lower general marks.

Ranking near the middle of infection avoidance were Desert Spring Medical facility Medical Center, Mesa View Regional Hospital, Southern Hills Health center and Medical Center, Spring Valley Healthcare facility Medical Center, St. Rose Dominican-Rose de Lima School and Sunrise Healthcare facility and Medical Center.

Customer Reports expanded its scores this year to include MRSA and C. difficile, which integrated kill more than 35,000 patients each year in the United States. The publication utilized Centers for Illness Control and Prevention information from more than 3,000 healthcare facilities in between October 2013 and September 2014, the most recent readily available, to produce the scores.

“High rates for MRSA and C. diff can be a red flag that a health center isn’t really following the best practices in avoiding infections and recommending prescription antibiotics,” Doris Peter, director of Consumer Reports’ Health Scores Center, stated in a statement.

Centennial Hills Hospital, situated near Durango Drive and U.S. 95, was among nine health centers nationwide that got the near-perfect ratings throughout all infection categories; nevertheless, the analysis kept in mind that the information may be skewed since of low client volume.

Other crucial takeaways from the report:

Valley Health center got the the most affordable score for MRSA infections, indicating it was more than 100 percent worse than the nationwide standard set by the CDC based on historic data. University Medical Center, MountainView Hospital, North Vista Medical facility, Summerlin Hospital and Spring Valley Healthcare facility got the second-lowest rating for preventing MRSA infections.

The majority of Southern Nevada healthcare facilities got the second-lowest score for avoiding C. difficile infections. Those medical facilities consisted of Desert Springs Hospital, MountainView Health center, Southern Hills Hospital, St. Rose Dominican Hospital-Rose de Lima School, St. Rose Dominican Hospital-San Martin Campus, St. Rose Dominican Hospital-Siena School, Summerlin Health center, Dawn Healthcare facility and Valley Medical facility.

No Southern Nevada healthcare facilities received low ratings for preventing central-line infections. All scored average or better.

The scores weren’t all very for the area’s healthcare facilities, but Southern Nevada locals should take solace in this finding: Some of the nation’s most high-profile medical facilities, including the Cleveland Clinic, John Hopkins Health center, Mount Sinai Medical facility and Ronald Reagan UCLA Medical Center, got low scores for avoiding MRSA, C. difficile or both infections.

In a statement launched in response to the scores, University Medical Center authorities stated the medical facility’s new management has actually made offering the highest level of quality of care its leading priority. “Our newest quarterly data reveal specific improvement in catheter-associated urinary tract infection rates,” UMC spokeswoman Danita Cohen said in the statement. “And a multidisciplinary group of nursing, administration and medical personnel have promoted active advocate preventing infections by integrating finest clinical practices, such as multidisciplinary clinical rounding, resulting in improved outcomes.”

Dr. Robert Pretzlaff, chief medical officer of Self-respect Health-St. Rose Dominican Hospitals, said that recent progress made by the healthcare facilities might not be reflected in the information. In recent months, St. Rose Dominican Hospitals have actually improved in a variety of the classifications evaluated by Customer Reports, consisting of central-line, catheter-urinary system and surgical site infections, he said.

“If the data were current, we would look much better,” Pretzlaff stated.

Demands for remark to the other healthcare facility in the area were not returned as of press time.