Premier tower in Santa Monica sold by Japanese.

A Santa Monica building that ranks among the most-coveted business addresses in Southern California, 100 Wilshire Blvd., is being sold to Douglas Emmett Realty Advisors for about $91 million, according to sources close to the deal.

The 21-story office tower, which commands sweeping views of Santa Monica Bay and some of the highest rents in the area ($4.25 a square foot, monthly), is being sold by a Japanese entity operating under the name 100 Wilshire Associates.

Martin Coyne - regional manager with AMB Institutional Realty Advisors, investment adviser to the building's owner would confirm only that a buyer has been selected. He said the sale is expected to close by the end of the first quarter, but would not confirm the buyer or price.

While the $91 million ($371 per square foot) bid is not a record for Santa Monica (Shuwa Corp. paid $378 a square foot in 1988 for 201 Santa Monica Blvd.), the price would be considerably more than the $73 million the current owners paid for the building in 1987.

With zoning and height restrictions now in place, a high-rise over the beach is a rarity. In fact, 100 Wilshire is one of only four high-rises in Santa Monica.

"You cannot duplicate that building anywhere in Southern California," said Howard Sadowsky, senior regional manager with Julien J. Studley Inc.

If so, why sell? "It's market timing. It's an incredible time to sell," Coyne said.

Even with many real estate investment trusts stepping back from the acquisition scene, there's plenty of capital looking to invest in real estate, especially in prime properties.

And by almost any measure, the 245,000-square-foot 100 Wilshire building qualifies as prime. Designed by the world-renowned architect Cesar Pelli, it was developed by the late entertainer Lawrence Welk in 1969 to house GTE Corp.

Over the last decade, the building has filled up with multiple smaller tenants, including boutique investment banking firms, law firms and a few entertainment firms willing to pay top dollar for the convenience and, especially, the views.

"They usually are run by high-net-worth individuals who live in Malibu and Pacific Palisades and own an expensive home that looks at the water. Paying a premium to have an office look at the water is not the end of the world," said Eric Olofson, vice president of Cushman Realty Corp., which handles leasing for the building. "When you're on the upper floors, it's like you're standing on the beach."

On a clear day, the panorama stretches to downtown L.A., south to the Palos Verdes Peninsula and north to Malibu. That's the draw more than the building itself, which underwent a major renovation in the late '80s but is somewhat dated.

Also, 100 Wilshire is close to such amenities as the Third Street Promenade and, of course, the beach. Not surprisingly, the building is 100 percent occupied. Many of the tenants' clients are in the entertainment business and it's not unusual to bump into celebrities in the elevators.

"When space comes up in the building, usually two or three tenants vie for it," said David Thurman, with Santa Monica-based Concorde Real Estate Partners. "It blends the cool Santa Monica feel with a corporate image."

The pending acquisition would be the latest of several for Brentwood-based Emmett, which in recent months has invested about $200 million in L.A.-area class-A properties. The firm buys and manages buildings on behalf of institutional investors.

Other bidders included Donald Bren, chairman of the Irvine Co., and Tishman Speyer Properties Inc., said sources close to the deal.

While tenants of 100 Wilshire use parking lots nearby, there are plans to develop a parking structure on the lot behind the building, which is included in the sale. Coyne said the parking structure project already has been granted its required city approvals and is "ready to be permitted." Sources estimate the parking structure's construction cost at $7 million.