The deal closed Tuesday, March 2, with the buyers representing themselves and the sellers represented by Richard Plummer, John Eichler and Anthony Gatti of Cushman & Wakefield.

Wayne Ratkovich, president of The Ratkovich Co., describes the 800 Wilshire property as one of Downtown L.A.'s "premier boutique office structures" and says the new owners plan to spend more than $3 million on capital improvements. Plans call for renovations to the building lobby, the elevator lobbies and other public areas, with the improvements to be designed by Johnson Fain Architects, one of the tenants in the building.

The tower occupies a corner in the heart of the Downtown business district, at Wilshire Boulevard and Flower Street. It was built in 1971 and is more than 80% leased to a tenant roster including Clark and Trevithick, Robinson, Dilando & Whitaker, United Mizrahi Bank, RNL Interplan and Black & Veach Construction. The Ratkovich Co. plans to relocate its headquarters to 800 Wilshire from its current location in Mid-Wilshire and will provide the building's property management.

The Ratkovich Co. was established in 1972 and completed a number of projects in Downtown Los Angeles in the 1970s and 1980s. Ratkovich bought and restored the historic Fine Arts and Oviatt buildings, which later achieved landmark status. More recently the Ratkovich Villanueva Partnership, an affiliate, managed the entitlements and disposition of Terminal Annex building, a 500,000-sf historic property owned by the U.S. Postal Service, which formerly housed Los Angeles' central post office and the adjacent 18 acres of land. Among the company's projects outside of Downtown L.A. is The Alhambra, a 45-acre, 1-million-sf development in the city of Alhambra.