Onni Group lands massive acquisition loan for Wilshire Courtyard purchase

The financing follows Onni's purchase of the 1M-sf office campus in January

TRD LOS ANGELES /
Jun.June 18, 2019 03:00 PM
Natixis CEO Francois Riahi, Onni Group President Rossano DeCotiis , and Wilshire Courtyard (Credit: BPCE and Michael Maltzan Architecture)
Natixis CEO Francois Riahi, Onni Group President Rossano DeCotiis, and Wilshire Courtyard (Credit: BPCE and Michael Maltzan Architecture)

Onni Group has secured a $550 million acquisition loan for its purchase of the 1 million-square-foot Wilshire Courtyard office campus.

Natixis provided the financing for the massive property on Miracle Mile, according to Commercial Observer.

Pending the deal closes at $630 million — as The Real Deal first reported in January of the agreed-upon price — it would surpass the most expensive commercial acquisition of 2018 in Los Angeles. Boston Properties’ $627.5 million purchase of the ground lease of Santa Monica Business Park ranked as the most expensive commercial deal in 2018.

Tishman Speyer had been looking to sell the 8.7-acre office campus since last September.

Located at 5750 and 5700 Wilshire Boulevard, the property includes two, six-story buildings separated by a courtyard. Tenants include holding company CJ America, advertising agency Initiative and Spanish publication Reporte Internacional. Vacancy has increased over the last several years there.

Last month, The Hollywood Reporter and its sister publication, Billboard, said they would exit Wilshire Courtyard for a different location. Another notable move from the property came last fall, when Coffee Bean & Tea Leaf left its Wilshire Courtyard headquarters of three years.

Onni has been an active and large investor in L.A. over the last several years, most notably in Downtown.

The Canadian firm recently secured City Council approval to build a 700-unit tower at 1000 South Hill Street, which will be one of the tallest towers in the city once completed. [CO]Natalie Hoberman


Related Articles

arrow_forward_ios
Rossano De Cotiis, Tom Grane of Mob Scene, and Wilshire Courtyard (Credit: LinkedIn and Michael Maltzan Architecture)

Oh, Canada! Tenant accuses Onni Group of trying to pilfer PPP funds

Oh, Canada! Tenant accuses Onni Group of trying to pilfer PPP funds
Onni Group President Rossano DeCotiis, WeWork CEO Sandeep Mathrani, and Wilshire Courtyard

Onni Group defaults on $400M Wilshire Courtyard loan after WeWork lease amendment

Onni Group defaults on $400M Wilshire Courtyard loan after WeWork lease amendment
Rossano de Cotiis and the Violet Street development site (Credit: Google Maps)

Onni Group back with a new plan for Arts District project

Onni Group back with a new plan for Arts District project
Onni Group president Rossano De Cotiis and the site (Credit: Google Maps)

Onni Group plans 14-story office complex in Hollywood

Onni Group plans 14-story office complex in Hollywood
Onni Group’s Rossano DeCotiis and a rendering of the project

Onni Group must redesign Times Mirror Square project, but the clock is ticking

Onni Group must redesign Times Mirror Square project, but the clock is ticking
Aerial view of 611 N. Brand Boulevard and Rossano de Cottiis (Credit: Hunter Kerhart Architectural Photography)

Onni scraps apartment plans for 857-key hotel project in Glendale

Onni scraps apartment plans for 857-key hotel project in Glendale
WeWork’s Adam Neumann and Onni Group President Rossano de Cotiis with a rendering of Wilshire Courtyard (Credit: Getty Images and Michael Maltzan Architecture)

Onni inks lease with WeWork after closing on massive Wilshire Courtyard purchase

Onni inks lease with WeWork after closing on massive Wilshire Courtyard purchase
Onni Group President Rossano de Cotiis, Decron Properties President & CEO David Nagel and Ocean Plaza

Decron is unloading CRE assets ahead of potential statewide property tax hike

Decron is unloading CRE assets ahead of potential statewide property tax hike
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...