5900 Wilshire Achieves 90 Percent Leased Rate

LOS ANGELES, Oct. 30, 2014 /PRNewswire/ -- The Ratkovich Company, a leading Los Angeles developer that engages in the new development and imaginative reuse of existing buildings, today announced that its 5900 Wilshire property is now 90 percent leased. Joined by William Chun with the Office of Mayor Eric Garcetti, Los Angeles City Councilman Tom LaBonge and Penny Falcon, water conservation policy, legislation and grants manager for the Los Angeles Department of Water and Power, The Ratkovich Company will recognize the tenants, elected officials and community leaders who contributed to the success of the property in a celebratory event on Oct. 30.

"5900 Wilshire is the leading destination for innovative, successful entertainment, media and emerging tech companies in the Miracle Mile district of Los Angeles," said Wayne Ratkovich, president and CEO of The Ratkovich Company. "In this highly-competitive market, we are thrilled to announce that 5900 Wilshire is now 90 percent leased. This accomplishment is a testament to the strength of 5900 Wilshire's prime location, our creative office spaces, community engagement and top-tier property management standards."

The announcement comes at the close of a highly successful year for 5900 Wilshire, a 31-story, 490,000 square foot tower in the Miracle Mile district of Los Angeles. Bolstered by the signing of high-profile tenants such as sbe, an industry-leading hospitality, lifestyle and real estate development company which relocated its corporate headquarters to the top two floors and assumed naming rights to the property, The Ratkovich Company signed six new tenants and leased more than 80,000 square feet at 5900 Wilshire in 2014, including Premiere Digital Services, one of the largest independent digital media post-production houses in the world and the Academy of Motion Picture Arts and Sciences.

"Efforts by The Ratkovich Company to develop and manage leading commercial real estate properties are critical to the economic development of Los Angeles," said William Chun, Director of the Business Team within the Office of Mayor Eric Garcetti. "The recent signing of high-profile tenants supports our efforts to recruit and retain business for the city of Los Angeles and create jobs for Angelenos."

5900 Wilshire is now home to 40 companies supporting over 1300 workers including Los Angeles magazine and the executive offices of the Los Angeles County Museum of Art.

"The Ratkovich Company is a driver of business to the city of Los Angeles," said Los Angeles City Councilmember Tom LaBonge. "I applaud Wayne Ratkovich and The Ratkovich Company for their hard work in developing and managing properties that inspire businesses to choose Los Angeles as their home."

A leader in developing and managing forward-thinking and environmentally-sensitive properties, The Ratkovich Company recently completed several capital improvements to 5900 Wilshire, including a landscaping transformation featuring 8,000 square feet of drought resistant landscaping that will save an estimated 350,000 gallons of water and the installation of four electric vehicle charging stations for tenant use.

"We applaud The Ratkovich Company for installing a California-friendly landscape, and setting an example to other commercial property owners and managers that water-wise planting is not only aesthetically pleasing but helps the city meet its conservation goals," said Penny Falcon, water conservation policy, legislation and grants manager for the Los Angeles Department of Water and Power.

About 5900 Wilshire:
5900 Wilshire, is a 31-story tower with 360 degree views of the city located in Los Angeles' Miracle Mile district. Designed by the legendary William Pereira in the late 1960s, 5900 Wilshire was acquired by The Ratkovich Company, in partnership with an institutional investor, in December 2005. Following a successful $34 million renovation in 2008, 5900 Wilshire is the new headquarters for innovative, successful entertainment and media companies, like the Sundance Institute, Los Angeles magazine, Millennium Entertainment and Edelman in the Miracle Mile. 5900 Wilshire is the recipient of both the Building Owners and Managers Association of Greater Los Angeles Office Building of the Year award and the 2009 Renovated Building of the Year from the Los Angeles Architectural Awards. In 2012, 5900 Wilshire received a LEED Gold certification. For more information, visit www.5900wilshire.net.

About The Ratkovich Company:
The Ratkovich Company is a Los Angeles development company that engages in both new development and the imaginative reuse of existing buildings. The company has completed, or has under development, nearly 18 million square feet of commercial space in Los Angeles County, including The Bloc, a 1.8 million square foot, mixed-use property at the heart of downtown Los Angeles that will become the premier urban retail, office and hospitality destination. The company has also redeveloped The Alhambra, a 45-acre mixed-use urban community in the city of Alhambra, and The Hercules Campus at Playa Vista, a landmark property comprised of 11 historic buildings, including the hangar where Howard Hughes' legendary Spruce Goose was built. The Hercules Campus is home to YouTube, Konami and 72andSunny. The Ratkovich Company 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 in Miracle Mile; the Chapman Market and the city of Glendale's Alex Theatre. The James Oviatt and Fine Arts buildings were also both awarded national landmark status after successful renovations by The Ratkovich Company. For more information, visit http://www.ratkovich.com.

Media Contact:
Spring Harris | Edelman | P: (323) 761-6599 | E: [email protected]

SOURCE The Ratkovich Company

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