BEVERLY HILLS, Calif. — Hustler founder and chairman Larry Flynt announced that he has closed on the sale of his company's iconic headquarters to Douglas Emmett Inc. for $89 million.
Highland Realty Capital brokered the sale for the property located at 8484 Wilshire Blvd.
Flynt also signed a long-term lease for Hustler to remain in the building as its anchor tenant.
“I’m delighted to announce this transaction,” Flynt said. “I bought the building in 1994 for less than $19 million, so we’ve been able to unlock significant equity which we can now put to much better use in other ventures and achieve greater returns.”
Flynt has owned the 10-story tower, known simply as the Flynt Building, for the past 28 years. The building was originally erected in 1972 as Great Western Savings and is still foregrounded by the oversized bronze statue of actor John Wayne riding a horse installed by the bank owners.
LFP CFO Christopher Woodward said he was pleased with the market’s response to the sale and reiterated Flynt’s sentiment that the dividend on the deal will be used to grow the company.
“Douglas Emmett is a premier company and went the extra mile for us on this transaction,” Woodward said.” This sale gives us the flexibility to continue exploring expansion initiatives and other strategic opportunities throughout our organization.”
Douglas Emmett owns about 14.7 million square feet of office space and 2,868 luxury apartment units in Los Angeles County and Honolulu. The real estate company has acquired a substantial majority of its portfolio through nine institutional funds.