Ratkovich, AXA ownership team shop 5900 Wilshire for $300M: sources
The 493K sf office tower on Miracle Mile is 90% leased
An ownership group that includes developer Ratkovich Co. and AXA Capital are looking to sell or recapitalize 5900 Wilshire, The Real Deal has learned.
Sources said the owners of the Miracle Mile office tower are seeking around $300 million.
The 493,000-square-foot property is located across the street from the Los Angeles County Museum of Art. Occupancy at the campus has remained above 90 percent for the last two years, Ratkovich said in a release last month.
Representatives for Los Angeles-based Ratkovich and Paris-based AXA did not immediately return requests for comment.
Ratkovich and its partners acquired the building for about $102 million in 2005. In 2016, following a major renovation, AXA Real Estate Investment Managers US bought a 49 percent stake in the trophy tower from Pramerica Real Estate Investors.
Ratkovich’s stake remains unclear. The company also manages the building.
Some of the larger tenants include public relations firm Edelman, talent agency Buchwald, marketing firm Phenomenon and staffing agency Creative Circle. Each of the firms recently signed lease renewals at the 31-story tower.
The recent offering in Miracle Mile comes on the heels of CIM Group’s listing down the street.
L.A.-based CIM put a 143,000-square-foot property at 4750 Wilshire Boulevard on the market earlier this month, the company revealed in a Securities and Exchange Commission filing. The building is part of a four-property office campus, which CIM planned at one point to redevelop entirely.