X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALHAMBRA, CA-The Ratkovich Co. of Los Angeles and Cigna Investments Inc. have joined in a $115-million restructuring of the ownership of the 45-acre Alhambra, a one-million-sf office campus that Ratkovich is developing.

A Ratkovich affiliate and Cigna Investments formed a partnership that has purchased the interests of Lehman Brothers and Wachovia Securities, which joined Ratkovich in purchasing the property from Santa Fe International in 1999. Lehman and Wachovia owned about a 90% interest in the project. Financing for the new partnership was arranged by Houston-based LJ Melody & Co. and George Smith Partners of Century City.

Clare De Briere, Ratkovich’s vice president for development., tells GlobeSt.com that the new partnership now owns 100% of the Alhambra. Ratkovich says the new partnership will provide the resources to implement the developer’s long-standing master plan to turn the Alhambra into a combination of retail, recreational and, possibly, housing uses, along with the existing office space.

According to De Briere, Ratkovich will start construction soon on 37,000 sf of retail space that is slated to open in mid-2004. The company has letters of intent from Starbucks, Baskin Robbins, Red Brick Pizza and a number of other likely tenants, she says.

Within the next year, De Briere says, the developer will formulate a master plan that could include more office space and more retail, and most likely will include recreational and housing projects as well.

The Alhambra is located along Fremont Avenue immediately adjacent to the San Bernadino (10) freeway. The project consists of 20 buildings surrounding a landscaped common area. Originally constructed to house the headquarters of CF Braun Engineering, one of San Gabriel Valley’s first technology companies, the campus currently is home to a roster of tenants that includes the USC Keck School of Medicine, Tenet Healthcare, the Los Angeles County Department of Public Health Services, the Los Angeles County Sheriff’s Department, and Care 1st Health Plan.

Founded in 1985, the Ratkovich Co. has completed restoration projects including the James Oviatt Building, Fine Arts Building, Pellissier Building and the Wiltern Theater in Los Angeles. The company also represented the US Postal Service in the disposition of its historic 500,000-sf Terminal Annex property in 2001. Cigna Investments Inc., is a subsidiary of Cigna Corp., which is headquartered in Philadelphia. It is one of the largest publicly owned employee benefits organizations in the United States.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.