The Real Deal Los Angeles

AXA nabs 49% stake in 5900 Wilshire

Office complex recently underwent major renovation

April 12, 2016 09:30AM

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The Wilshire Boulevard office tower

The Wilshire Boulevard office tower

AXA Real Estate Investment Managers US has purchased a 49 percent interest in 5900 Wilshire, a 452,765-square-foot office property opposite the Los Angeles County Museum of Art, from Pramerica Real Estate Investors.

Both AXA and the building’s operator and co-owner, the Ratkovich Company, declined to comment on how much the company paid.

The 452,765-square-foot building recently underwent a major upgrade, including a redesign of its lobby and the renovation of the HVAC and elevator systems. New tenants include research-based marketing consultancy MarketCast and Vision Critical, a cloud-based intelligence platform.

Michael Zietsman, Tom Bohlinger and Patrick Inglis of JLL brokered the sale. Reid McGlamery, Chris Casey and Kim Westerbeck, also of JLL, secured the financing from Wells Fargo.

“Backed by institutional sponsorship, this was a highly contested opportunity to provide financing to this Class A trophy asset,” McGlamery said.

Ratkovich and its partners acquired the building for approximately $102.5 million in 2005. – Katherine Clarke