Monday, March 28, 2011
LOS ANGELES, CA – HFF announced today that it has arranged a $65 million refinancing for 5900 Wilshire (top left photo), an iconic 31-story, 452,764-square-foot office tower centrally located at the intersection of Los Angeles’ entertainment, cultural and business districts in the Miracle Mile.
HFF worked exclusively on behalf of a joint venture between Prudential Real Estate Investors and The Ratkovich Company to secure the five-year, 5.72 percent fixed-rate loan provided by AXA Equitable Life Insurance Company through its advisor, Quadrant Real Estate Advisors.
The loan is replacing a maturing loan that HFF procured for the borrower when it purchased the property in 2005.
As one of Los Angeles’ preeminent business destinations, 5900 Wilshire, also known as the Variety Building, is home to some of the city’s most notable media and entertainment companies including Variety, Los Angeles Magazine, The New York Times’ Los Angeles bureau, 100.3 FM “The Sound”, Millennium Entertainment and more.
Located across from the Los Angeles County Museum of Art in Los Angeles’ Miracle Mile district, 5900 Wilshire’s central location makes it an integral part of the city’s creative, entertainment and media communities.
Designed by the legendary William Pereira in the late 1960s, 5900 Wilshire was acquired by The Ratkovich Company in partnership with Prudential Real Estate Investors in December 2005.
In December 2008, venerable Hollywood trade paper Variety moved its West Coast headquarters and operations to 5900 Wilshire and took its place as the building’s marquee tenant; placing its recognizable name in red lighting atop the tower.
Following a $34 million renovation in 2008, 5900 Wilshire is the new headquarters for all innovative, successful entertainment and media companies in the Miracle Mile.
5900 Wilshire is the recipient of both the Building Owners and Managers Association of Greater Los Angeles Office Building of the Year award and the 2009 Renovated Building of the Year from the Los Angeles Architectural Awards. For more information, visit www.5900wilshire.net.
The HFF team representing the borrower was led by senior managing director Paul Brindley (middle right photo) and director John Crump (lower left photo).
For more information, visit http://www.ratkovich.net/
Paul Brindley, HFF Senior Managing Director, (310) 407-2100, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500