5900 Wilshire The 425,000-square-foot property is 95% leased.

LOS ANGELES—AXA Investment Managers – Real Assets has acquired a 49% stake in 5900 Wilshire, a 425,000-square-foot office building in the Miracle Mile neighborhood of Los Angeles. In acquiring partial ownership in the property, the investor has entered into a partnership with the property’s current ownership, Prudential Real Estate Investors and the Ratkovich Co., the property manager. AXA purchased its stake in the property from Prudential, which decreased its interest in the building.

“Our partnership has owned 5900 Wilshire since 2005,” Clare De Briere, EVP and COO of the Ratkovich Co., tells GlobeSt.com. “With the building 95% occupied, we felt like the time was right to go to the market for a partial interest sale in the building. We believe that there is still a lot of value to be created in this building and we want to stay in ownership for the long term.” The value of this recapitalization transaction was not disclosed; however, the partnership purchased the property for $102 million in 2005, according to industry sources.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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