73,035 square feet of four connected buildings provides rare new creative space near Downtown Culver City, home to Apple, Amazon and TikTok
LOS ANGELES–(BUSINESS WIRE)–The Ratkovich Company (TRC), a Los Angeles-based real estate development company specializing in urban infill and historic rehabilitation of landmark properties, and institutional investors advised by J.P. Morgan Global Alternatives have acquired the Bowcroft Collection stretching from 5950-5978 Bowcroft Street, near the intersection of Jefferson and Obama Boulevards in the City of Los Angeles.
The connected buildings total 73,035 square feet and will be adapted to serve as a campus particularly well-suited for companies in creative industries. The property is directly adjacent to Culver City, near the trendy Hayden Tract and part of a cluster of large offices of companies including Amazon, Apple, WarnerMedia, Sony, TikTok, Nike and Adobe.
“Downtown Culver City and its adjacent areas are the most talked-about office market in the region, and the Bowcroft Collection is emblematic of the type of property that entertainment and tech companies are looking for,” said Brian Saenger, President and CEO of The Ratkovich Company. “In these industries, there is tremendous value in low-rise campuses and not high-rise towers. This property can become a true showpiece for a company looking to make a statement in the entertainment capital of the world.”
“We believe well-executed new and creative office product will continue to outperform, particularly in West Los Angeles. TRC has a proven strategy in re-imagining and re-positioning significant media and entertainment properties. We are excited to find other opportunities to partner on with TRC,” said J.P. Morgan’s Nick Gallucci.
Benefiting from its desirable location, the Bowcroft Collection is convenient to Interstate 10 and the Expo Line, as well as multiple hip restaurants and shops nearby, which serve as gathering places for creative professionals. The property also includes room for approximately 140 surface parking stalls, providing space for employees as well as talent and other visitors.
“When I first saw the Bowcroft Collection, I immediately envisioned what an amazing, next-generation entertainment campus this will be,” said Milan Ratkovich, Executive Vice President of The Ratkovich Company. “I had the same sense when I saw The Hercules Campus in Playa Vista which is now home to Google, YouTube and 72andSunny. We are confident that at Bowcroft, we will create an unparalleled asset befitting one of the hottest real estate markets in town.”
The Bowcroft Collection is situated on a three-acre site at the end of a street next to the Baldwin Hills Scenic Overlook, providing rare privacy and access to the outdoors for an infill location.
“The property is made up of four connected buildings, three of which have bow truss construction with ceiling heights that exceed 20 feet—which are in significant demand by creative firms,” said Cyrus Chini, who leads acquisitions for The Ratkovich Company. “The buildings fit well with TRC’s expertise in reinventing architecturally interesting buildings, providing a perfect canvas to create an innovative tech or media campus in the burgeoning center of the creative economy.”
The Ratkovich Company has substantial experience developing large-scale projects geared toward the entertainment and tech industries, such as The Hercules Campus in Playa Vista, home to Google and YouTube Studios—and a signature re-imagining of the historic Spruce Goose hangar. The longtime Los Angeles development firm is also responsible for preserving and reinvigorating the iconic Wiltern Theatre in Koreatown, now one of the city’s signature performance venues.
TRC is currently partnering with Jerico Development, Inc. on West Harbor, a 42-acre dining and entertainment destination on the LA Waterfront in San Pedro. This festival-style retail property will feature food and fun options including Bark Social, a dog-friendly bar and off-leash beer garden, whale watching tour provider Harbor Breeze Cruises, a chef-driven food hall and the first-ever satellite location of iconic Hollywood restaurant Yamashiro.
“With true creative office space at a premium in Los Angeles, properties of more than 20,000 square feet have become difficult to find in prime locations. Rental rates in its submarket have surpassed pre-pandemic numbers, which is notable in this office submarket,” said Aleks Trifunovic, President Lee & Associates/Los Angeles West, Inc., who represented TRC on the transaction. “The Bowcroft Collection, which was a longtime light industrial site, provides a unique new infill opportunity of substantial size in an area that has become a true tech and media hub—and a rare chance for a company to build a large-scale campus in the beating heart of the creative economy.”
The Bowcroft Collection was purchased from South Division Jefferson Industrial Center, LLC, an entity which is controlled by Justin Altemus and David Altemus as Managing Members. The Altemus family had owned the property since it was developed in the mid-1950’s and was sold through their brokerage/property management arm, The Altemus Company, Inc.
“This has been a very special asset for our family over the past 70 years and we couldn’t think of a better organization in TRC to be the new stewards of the Bowcroft Property and take it to the next chapter in its life,” said Justin Altemus.
About The Ratkovich Company
The Ratkovich Company (TRC) is a Los Angeles-based development company that engages in both new projects and the imaginative reuse of existing buildings. TRC has completed, or has under development, over 18 million square feet of commercial space in Los Angeles County, including West Harbor; The Bloc, a 1.8 million square foot, mixed-use property at the heart of downtown Los Angeles; The Alhambra, a 40-acre mixed-use urban community in the city of Alhambra; and The Hercules Campus at Playa Vista, a landmark property including the hangar where Howard Hughes’ legendary Spruce Goose was built, and now home to Google/YouTube and 72andSunny. TRC has won numerous awards for its restoration of Los Angeles landmarks including the Art Deco Wiltern Theatre and adjacent Pellissier building; the iconic 31-story 5900 Wilshire on Miracle Mile; and the Chapman Market. The James Oviatt and Fine Arts buildings were both awarded national landmark status after successful renovations by TRC. For more information, visit www.ratkovich.com.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$208 billion in assets under management and more than 800 professionals (as of June 30, 2022), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information, visit jpmorgan.com/am.