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The Real Deal Los Angeles

Rockpoint buys Miracle Mile office
from Blackstone

5670 Wilshire trades for $215M

Jonathan Gray of Blackstone, Aric Shalev of Rockpoint Group (credit: Google Maps)

Updated, Thursday, September 14, 2017, 8:30 a.m: Rockpoint Group is buying a Miracle Mile building from the Blackstone Group, The Real Deal has learned.

Rockpoint bought the building at 5670 Wilshire Boulevard for $215 million, or $483 per square foot, sources said – well below the $541 a foot AXA Group paid for 5900 Wilshire in April, according to Real Capital Analytics.

Still, it represents a fat markup for Blackstone, which paid $137 million for the 27-story, 445,000-square-foot property in 2006. The Trizec portfolio property was Blackstone’s only office holding in the neighborhood.

Representatives for Blackstone declined to comment, while Rockpoint Group could not be reached. Representatives for Eastdil Secured, which brokered the deal, couldn’t be reached.

Boston-based Rockpoint Group, a private equity fund, is an active player in the L.A. market. Its West Coast acquisitions team, led by Aric Shalev, recently picked up a 460-key Westin Hotel in Long Beach for roughly $85 million. As of March, it also owned 16 multifamily properties in the L.A. area, concentrated in the San Fernando Valley.

In New York, the firm is in contract to buy the sprawling Starrett City housing complex from a group of investors including President Trump, for $850 million.