Douglas Emmett Inc. (NYSE: DEI) acquired the Bedford Collection, a 246,000-square-foot medical office portfolio in Beverly Hills, for $260 million through a joint venture structure.

The real estate investment trust executed the purchase through a newly formed $150 million equity joint venture, contributing 13% of the equity. The transaction was financed with a $130 million secured, non-recourse, interest-only first trust deed loan that matures in April 2031 and carries an interest rate of SOFR plus 1.70%.

The Bedford Collection comprises approximately 80% of the 400 block of Bedford Drive in Beverly Hills' Golden Triangle area, excluding a public parking garage. The portfolio serves 120 tenants and maintains 95% occupancy.

The acquisition expands Douglas Emmett's Beverly Hills holdings to 16 buildings totaling 2.4 million square feet. The company states this represents approximately 33% of the city's Class A office inventory and about one-third of medical office space in the Golden Triangle area.

The properties are located within two miles of Cedars-Sinai Medical Center and UCLA Ronald Reagan Medical Center. The surrounding neighborhood has an average home price exceeding $7.5 million, according to the company's statement.

Douglas Emmett operates as a self-administered real estate investment trust focused on office and multifamily properties in coastal Los Angeles and Honolulu submarkets.