Rockpoint closes on $303M deal for Miracle Mile office tower

Boston-based investor bought 5900 Wilshire from PGIM, Ratkovich and AXA

Rockpoint Group co-founders Keith Gelb and Bill Walton with 5900 Wilshire Blvd
Rockpoint Group co-founders Keith Gelb and Bill Walton with 5900 Wilshire Blvd

Rockpoint Group has closed on its purchase of a Miracle Mile office tower.

The Boston-based investor paid $303.4 million to buy the 30-story 5900 Wilshire, property records show.

That works out to about $615 per square foot.

Rockpoint bought the 493,000-square-foot building, at 5900 Wilshire Boulevard, from a partnership of PGIM Real Estate, Ratkovich Company and AXA Capital.

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A spokesperson for Rockpoint declined to comment. Representatives for the sellers did not immediately respond to requests for comment.

The office property is one of the largest and most recognizable buildings in the area and was about 93 percent leased last year.

Ratkovich bought the property in 2005 for $102 million with PGIM, which in 2016 sold a 49 percent stake to AXA following a major renovation.

Rockpoint owns another office tower down the street, the 27-story 5670 Wilshire Boulevard, which it purchased in 2017 from Blackstone Group for $215 million.