Onni Group has secured a $550 million acquisition loan for its purchase of the 1 million-square-foot Wilshire Courtyard office campus.
Natixis provided the financing for the massive property on Miracle Mile, according to Commercial Observer.
Pending the deal closes at $630 million — as The Real Deal first reported in January of the agreed-upon price — it would surpass the most expensive commercial acquisition of 2018 in Los Angeles. Boston Properties’ $627.5 million purchase of the ground lease of Santa Monica Business Park ranked as the most expensive commercial deal in 2018.
Tishman Speyer had been looking to sell the 8.7-acre office campus since last September.
Located at 5750 and 5700 Wilshire Boulevard, the property includes two, six-story buildings separated by a courtyard. Tenants include holding company CJ America, advertising agency Initiative and Spanish publication Reporte Internacional. Vacancy has increased over the last several years there.
Last month, The Hollywood Reporter and its sister publication, Billboard, said they would exit Wilshire Courtyard for a different location. Another notable move from the property came last fall, when Coffee Bean & Tea Leaf left its Wilshire Courtyard headquarters of three years.
Onni has been an active and large investor in L.A. over the last several years, most notably in Downtown.
The Canadian firm recently secured City Council approval to build a 700-unit tower at 1000 South Hill Street, which will be one of the tallest towers in the city once completed. [CO] — Natalie Hoberman