The Ratkovich Co. and institutional investors advised by J.P. Morgan Global Alternatives have acquired the Bowcroft Collection — a pair of industrial buildings stretching from 5950-5978 Bowcroft Street, near the intersection of Jefferson and Obama Boulevards in the Baldwin Hills area — for an undisclosed sum.
The connected buildings total 73,035 square feet and will be adapted into a campus targeting companies in creative industries. The property is directly adjacent to Culver City, near the trendy Hayden Tract area and not far from a cluster of large companies including Amazon, Apple, WarnerMedia, Sony, TikTok, Nike and Adobe.
“Downtown Culver City and 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 chief executive of The Ratkovich Co., said in a statement. “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.”
Added J.P. Morgan’s Nick Gallucci, “We believe well-executed new and creative office product will continue to outperform, particularly in West Los Angeles..”
The Bowcroft Collection has approximately 140 surface parking stalls. The property is located near Interstate 10 and the Expo Line, as well as downtown Culver City’s restaurants.
“When I first saw the Bowcroft Collection, I immediately envisioned what an amazing, next-generation entertainment campus this will be,” Milan Ratkovich, executive vice president of the company, said in a statement. “I had the same sense when I saw The Hercules Campus in Playa Vista, which is now home to Google, YouTube and 72andSunny. We are confident that at Bowcroft, we will create an unparalleled asset befitting one of the hottest real estate markets in town.”
The Bowcroft Collection is situated on a three-acre site with multiple buildings.
“The property is made up of four connected buildings, three of which have bow truss construction with ceiling heights that exceed 20 feet—which are in significant demand by creative firms,” Cyrus Chini, who leads acquisitions for The Ratkovich Co., said in a statement. “The buildings fit well with TRC’s expertise in reinventing architecturally interesting buildings, providing a perfect canvas to create an innovative tech or media campus in the burgeoning center of the creative economy.”
Aleks Trifunovic, president of Lee & Associates/Los Angeles West Inc., represented TRC on the Bowcroft transaction.
Ratkovich specializes in urban infill properties and historic rehabilitation of landmark properties. The company has developed large-scale projects geared toward the entertainment and tech industries, such as The Hercules Campus in Playa Vista and an overhaul of the historic Spruce Goose hangar.
“With true creative office space at a premium in Los Angeles, properties of more than 20,000 square feet have become difficult to find in prime locations. Rental rates in its submarket have surpassed pre-pandemic numbers, which is notable in this office submarket,” said Lee’s Trifunovic. “The Bowcroft Collection, which was a longtime light industrial site, provides a unique new infill opportunity of substantial size in an area that has become a true tech and media hub.”
The Bowcroft Collection was purchased from South Division Jefferson Industrial Center, an entity that is controlled by Justin Altemus and David Altemus as managing members. The Altemus family had owned the property since it was developed in the mid-1950s and was sold through their brokerage/property management arm, The Altemus Co. Inc.
“This has been a very special asset for our family over the past 70 years and we couldn’t think of a better organization in the Ratkovich Company to be the new stewards of the Bowcroft Property and take it to the next chapter in its life,” Justin Altemus said in a statement.
