LOS ANGELES-The joint venture owners of the 5900 Wilshire Blvd. office tower, the Ratkovich Co. and Prudential Real Estate Investors, have refinanced the 452,764-square-foot property with a $65 million insurance company loan arranged by HFF. The new loan on the 31-story office tower in the Miracle Mile district is for five years at 5.72% fixed.
The HFF team representing the borrower was led by senior managing director Paul Brindley and director John Crump. AXA Equitable Life Insurance Co. provided the loan through its adviser, Quadrant Real Estate Advisors. The loan is replacing a maturing loan that HFF procured for the borrower when it purchased the property in 2005. A GlobeSt.com report at the time said that the Ratkovich Co. and Prudential acquired the 5900 Wilshire Building for approximately $102.5 million. The owners later completed a $34 million renovation of the property.
Located across from the Los Angeles County Museum of Art, 5900 Wilshire was designed by William Pereira in the late 1960s and has also been known as the Variety Building since Hollywood trade paper Variety moved its West Coast headquarters and operations to the building in 2008. Other tenants include Los Angeles Magazine, the New York Times’ Los Angeles bureau, 100.3 FM “The Sound, Millennium Entertainment and others.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
