L.A.'s Cornerstone Plaza sells

Douglas Emmett Inc., a real estate investment trust, today announced it has acquired Cornerstone Plaza, a class A, Los Angeles office building, for a contract price of $84 million.

The property, which comprises approximately 174,000 square feet, is located at 1990 South Bundy Drive.

This acquisition increases the company's assets within the Olympic Corridor submarket to five office buildings, totaling approximately 1.1 million rentable square feet.

At the time of sale, the property was 84.2 percent occupied, according to a press statement.

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