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 a J.P. Morgan Global Alternatives investment group have acquired a three-acre property near Downtown Culver City with plans to develop it into a creative campus like others in the area occupied by Amazon, Apple, WarnerMedia, Sony, TikTok, Nike and Adobe, PvNew has learned exclusively.
Dubbed “The Bowcroft Collection,” the 73,035-square-foot group of connected buildings stretches from 5950-5978 Bowcroft Street, near the intersection of Jefferson and Obama Boulevards in Los Angeles.
The Ratkovich Company plans to have the property ready for prospective tenants to view by the middle of 2023, with conversations to begin in advance with eager companies.
“DowntownCulver Cityand 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,” Brian Saenger, president and CEO of The Ratkovich Company, told PvNew. “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.”
The Bowcroft Collection was purchased from South Division Jefferson Industrial Center, LLC, which is controlled by managing members Justin Altemus and David Altemus.The Altemus family has owned the property since it was developed 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 a lot of the biggest entertainment companies are looking closely at budgets amid subscriber slowdowns and macro-economic concerns, were not disclosed.
“This is not going to be your parents’ office, which sits in a traditional high-rise commodity office building,” Saenger added. “It’s going to be a unique campus that can compete with the other properties in this submarket. The goal is to attract those types of tenants who are willing to come back to the office, have their employees back in the office and provide a unique environment for their employees. We think it will be well positioned, even though there are companies looking to downsize, even though there’s been a realignment as to what people are going to be doing in the office. But if companies are going to go back in the office, this is the type of property they want.”
Pictured above: Aerial view of the Bowcroft Collection.
