Ratkovich Co. is in escrow to purchase downtown L.A.’s aging Macy’s Plaza, another sign of returning interest in downtown redevelopment, according to a Thursday news report.
Sources told the Downtown News that Wayne Ratkovich, president and chief executive of his namesake downtown company, is likely to launch a major renovation of the 1970s-era mall, office and hotel complex, which takes up a block bounded by Seventh, Eighth, Hope and Flower streets.
The purchase price has not been disclosed. Sources told the Business Journal that Pasadena’s East West Bank is providing financing for the deal, which could close by May. A Ratkovich Co. spokeswoman declined to comment Thursday afternoon.
According to industry researcher CoStar Group Inc., current owner Jamison Services Inc. in 2005 paid about $160 million for the complex, which includes the 487-room Sheraton Los Angeles Downtown hotel and a 24-story office tower. The Downtown News report said that Ratkovich Co. hopes to reposition the office tower as creative office property.
Macy’s Plaza was known as Broadway Plaza until 1996. In addition to Macy’s, tenants include Victoria’s Secret, Bath & Body Works and L.A. Fitness. The center is a few blocks from the Figat7th shopping center, where Brookfield Properties recently completed a $40 million renovation anchored by Target.
Staff reporter Jacquelyn Ryan contributed to this story.