AXA Investment Managers-Real Assets has taken a 49% stake in a Los Angeles office asset from Pramerica.
The investment manager invested in 5900 Wilshire, entering a joint venture with Pramerica Real Estate Investors, which sold down part of its interest.
The 39,500sqm asset is operated by The Ratkovich Company.
Steve McCarthy, US head of asset management and transactions at AXA IM-Real Assets, said: “This deal offers us access to a compelling core-plus investment opportunity in one of West Los Angeles’s fastest-growing submarkets, on behalf of our clients.”
The property is currently multi-let, with tenants including the Sundance Institute and Edelman.
The Ratkovich Company and Pramerica completed a $34m renovation of the building in 2008.
McCarthy said there was scope to create value through leasing activity, targeting media and technology companies.
Kevin Smith, head of that Americas at Pramerica, said the sale of its stake gave the investor the opportunity to retain control of an asset in a submarket benefiting from “significant public and private investment, while providing a unique opportunity to enhance the risk-adjusted returns for our investor”.