LOS ANGELES—The Ratkovich Co. has brought the occupancy of its office building 5900 Wilshire to 90%, signing 80,000 square feet in leases since the start of the year. The building's new tenants include the Academy of Motion Picture Arts and Sciences, Premiere Digital Services and hospitality firm SBE, which signed a lease for 30,000 square feet in January of this year.
"Achieving a 90% leased rate at 5900 Wilshire is a significant achievement for the Ratkovich Co. Los Angeles is a highly competitive commercial real estate market and it's important for us to stand out as not only a leading commercial real estate developer, but also as a leader in property management and tenant services," Clare de Briere, COO at the Ratkovish Co., tells GlobeSt.com. "Seeing this achievement at 5900 Wilshire only deepens our commitment to ensure that we are continuing to develop and manage forward-thinking properties so that businesses have the facilities, amenities and freedom they need to thrive."
The boost in tenancy is particularly impressive considering that the Ratkovich Co. lost its namesake tenant Variety late last year. The media company had been a major tenant in the property since 2008 and had naming rights on the building. Variety moved to the Santa Monica offices of its parent company Penske Business Media LLC. When signing its lease this year, SBE inherited the naming rights to the building. "We were thrilled to bring sbe to 5900 Wilshire and reignite the Los Angeles skyline with their logo atop our property," says de Briere.
The Ratkovich Co. recently completed a landscape renovation that features 8,000-square-feet of drought-resistant plants. The landscaping will aide in saving 350,000 gallons of water each year. This is one of the renovations that helped to attract new and high-quality tenants to the property. "We also installed a mural at the entrance of our parking lot, upgraded the lighting in our parking lots, installed electric vehicle charging stations and created a designated mother's room for tenants," de Briere adds. "In 2015, we plan to install additional exterior landscaping and our east satellite building will transform into the first North American art gallery for Sprueth Magers."
Located at 5900 Wilshire Blvd. in the Mid-City area of Los Angeles, the building is considered an iconic landmark in Downtown Los Angeles. The 31-story building has more than 450,000 square feet of rentable space. The Ratkovich Co. purchased the property in 2005 for approximately $102.5 million, and since has performed more than $34 million in renovations to the property in addition to the landscaping renovations mentioned above. "New tenants are attracted to 5900 Wilshire because of our stellar reputation for concierge-level service, the community feel of our property, the amenity-rich environment, amazing location and access to breathtaking 360 degree views of Los Angeles," says de Briere.
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Kelsi Maree Borland
