Wilshire Courtyard to Get New Owners

New owners are scheduled to take title to the Wilshire Courtyard office complex in the Miracle Mile district of Los Angeles later this month under terms of a Bankruptcy Court settlement approved this week. Ownership of the 967,000-square-foot project is scheduled to be transferred to a partnership of investors led by New York-based Blackstone Real Estate Advisors, whose local partners include the Los Angeles firm of McCarthy Cook & Co., said Robert White, an attorney representing creditors. The Wilshire Courtyard complex was completed in 1987 by a partnership of developer Jerry Snyder, which later sold its interest to LaSalle Partners but retained title through a convertible second mortgage. The Blackstone group bought the mortgage after the Snyder partnership filed for Bankruptcy Court protection in January 1997 to avoid foreclosure. McCarthy Cook, which has been the court-appointed manager of the property since November, will remain in that capacity.