3 Miracle Mile Buildings Bought for $102.5 Million
Property developer Ratkovich Co. and Prudential Real Estate Advisers bought the tallest tower in Los Angeles’ Miracle Mile area, along with two adjacent buildings, for about $102.5 million.
Ratkovich, based in Los Angeles, and Prudential Real Estate, the property investment unit of Prudential Financial Inc. of Newark, N.J., bought the 32-story building at 5900 Wilshire Blvd. along with two two-story satellite buildings from RMR Management Co.
The buildings have almost 500,000 square feet of office and retail space.
Closely held Ratkovich said it planned to spend more than $22 million for capital improvements to 5900 Wilshire to try to reduce the building’s vacancy rate, which stands at about 30%. That’s more than double the office vacancy rate in Los Angeles.
The tower, located across Wilshire from the Los Angeles County Museum of Art, was built in 1971 and renovated in 1993.
The building’s features include a public plaza with reflecting pools and fountains, a carwash and an L.A. Fitness Center location. Tenants include the Money Group and Los Angeles Magazine.
The Miracle Mile stretch of Wilshire Boulevard, between Fairfax and La Brea avenues east of Beverly Hills, was developed as a car-focused shopping district by builder A.W. Ross in the 1920s.
The district once was home to such landmark department stores as Bullock’s Wilshire and Desmond’s, both since closed.