AXA Real Estate Buys Big Stake In 5900 Wilshire
AXA Investment Managers – Real Assets just acquired a 49% stake in 5900 Wilshire, entering into a partnership with Prudential Real Estate Investors and The Ratkovich Co, the property manager.
The 452,765 SF office building in Miracle Mile is leased to sbe as well as the Sundance Institute and the marketing firm Edelman, according to GlobeSt.
The Ratkovich Co acquired the property in 2005, according to COO and EVP Clare DeBriere. Clare said the "the timing was right" for the move given the fact the building is at 95% occupancy.
"In AXA IM - Real Assets, we found an institutional investor which similarly values, premiere, world-class, core assets," Clare said.
The goal is to stay in a long term ownership with the belief that the new JV "will allow us to fully realize the value to be created in this building,” according to Clare.
JLL secured the financing with Wells Fargo Bank as the lender.
JLL's Michael Zietsman tells Bisnow AXA Investment Managers was interested in a "rare opportunity to buy an interest in an iconic Westside office building with excellent rent-growth potential."
The building's lobby has been extensively renovated, and the 31-story building also features a display of a section of the Berlin Wall.
The renovations earned the property LEED Gold certification. [GS]