LOS ANGELES—AXA Investment Managers – Real Assets hasacquired a 49% stake in 5900 Wilshire, a 425,000-square-foot officebuilding in the Miracle Mile neighborhood of Los Angeles. Inacquiring partial ownership in the property, the investor hasentered into a partnership with the property's current ownership,Prudential Real Estate Investors and the RatkovichCo., the property manager. AXA purchased its stake in theproperty from Prudential, which decreased its interest in thebuilding.

“Our partnership has owned 5900 Wilshire since 2005,” ClareDe 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 themarket for a partial interest sale in the building. We believe thatthere is still a lot of value to be created in this building and wewant to stay in ownership for the long term.” The value of thisrecapitalization transaction was not disclosed; however, thepartnership purchased the property for $102 million in 2005,according to industry sources.