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LOS ANGELES-The Ratkovich Co. and Prudential Real Estate Investors have acquired the 5900 Wilshire Building along the Miracle Mile from RMR Management Co. for approximately $102.5 million. The 32-story office tower, along with its two, two-story satellite buildings, comprises just under 500,000 sf office and retail space.The new owners say they will spend more than $22 million on capital improvements for the 5900 building, which is situated directly across Wilshire Boulevard from the Los Angeles County Museum of Art. Designed by architect William Pereira and built in 1971, the office tower was renovated in 1993.The 5900 building “offers tremendous redevelopment potential,” says Wayne Ratkovich, president of the Ratkovich Co. The property, which was 70% leased at the time of the sale, is the tallest office building along the Miracle Mile.TRC’s capital improvements at 5900 Wilshire will include renovating and retrofitting the tower to attract large tenants and reduce vacancies in the upper floors. The new owners also plan to redesign the sprawling plaza area in front of the building to significantly increase ground-floor retail opportunities.The public plaza, with its reflecting pools and fountains, has long been cited as one of the amenities at the building, which also includes a car wash and an L.A. Fitness club. Among its major tenants are the Money Group and Los Angeles Magazine.Ratkovich notes that his company and Prudential Real Estate Investors are also partners in the purchase and upgrading of the 800 Wilshire office building in downtown Los Angeles. The buyers were represented by Colliers Seeley in the 5900 Wilshire transaction.

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