Los Angeles-based real estate developer The Ratkovich Company, which brought the Hercules Campus in Playa Vista to life for Google and YouTube Studios, and JP Morgan’s global alternative investment group have acquired a three-acre property near Downtown Culver City that is home to Amazon, Apple, Warner Media, Sony, TikTok, Nike and Adobe, among others, to the Innovation Campus; Difference He learned alone.
Dubbed The Bowcroft Collection, the 73,035-square-foot group of connected buildings is located at 5950-5978 Bowcroft Street, near the intersection of Jefferson and Obama Boulevard in Los Angeles.
Ratkovich’s company He plans to have the property ready for prospective tenants by mid-2023, having already started discussions with interested companies.
“Downtown Culver City and the surrounding areas are one of the most talked-about office markets in the region, and the Bowcroft Collection is exemplary of the type of property that entertainment and technology companies are looking for,” said Brian Sanger, president and CEO of Ratkovich Company. Difference. “In these industries, low-rise campuses are more valuable and not high-rise towers. This property can be a real showcase for a company looking to make a statement in the entertainment capital of the world.”
The Bowcroft Collection was purchased from South Division Jefferson Industrial Center LLC, under the management of members Justin Althemus and David Althemus. Altemus family They have owned the property since it was built in the mid-1950s and it was sold through their brokerage/property management arm, The Altemus Company, Inc.
Financial terms of the transaction, which comes at a time when many large entertainment companies are closely watching budgets due to declining subscribers and macroeconomic factors, were not disclosed.
“This is not going to be your parents’ office, which is housed in a traditional high-rise commercial office building,” Senger added. “It will be a unique campus that will compete with other properties in this submarket. The goal is to bring those types of tenants back to the office, bring their employees back to the office, and provide a unique environment for their employees. Although there are companies that want to reduce the size of the adjustment in what people are going to do in the office, we think it is well placed. But if companies are going back to the office, this is the property they want.
Pictured above: An aerial view of the Bowcroft collection.