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AXA Buys Big Stake in 5900 Wilshire

LOS ANGELES—AXA Investment Managers buys a 49% stake in the office building, entering into a joint partnership with the property's owners, Prudential Real Estate Investors and The Ratkovich Co.

By Kelsi Maree Borland | kelsimareeborland | Updated on April 13, 2016

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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