March 18, 2020 Comments Off on Rockpoint Buys Miracle Mile Tower for $312M Views: 1015 California News, Los Angeles

Rockpoint Buys Miracle Mile Tower for $312M

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Boston-based Rockpoint Group acquired 5900 Wilshire Blvd., a 32-story Miracle Mile office tower, from PGIM Inc., AXA Equitable Life Insurance Co. and The Ratkovich Co. The 465,000-square-foot office building reportedly traded for $312 million.

Tenants at the property include LACMA, which leases roughly 75,000 square feet, and the building’s occupancy reportedly stands at roughly 88%.

JLL’s Tom Bohlinger handled the sale listing. The buyer was self-represented in the transaction. Bohlinger indicated the sellers completed numerous building improvements, and Rockpoint Group is expected to continue making upgrades.

Bohlinger told the Los Angeles Business Journal, “The buyer sees this market as one that has a fantastic future. It’s about the most iconic, best located property within the market. Its proximity to LACMA gives it a wonderful sense of place. LACMA also provides good stability of income.”

*Photo courtesy of The Ratkovich Co.

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