LOS ANGELES-Show business newspaper Variety has relocated its West Coast headquarters to 55,000 square feet of office space in the Ratkovich Co.’s 31-story 5900 Wilshire Blvd. tower in a move from another Miracle Mile office complex, the Wilshire Courtyard at 5700 Wilshire Blvd. The new tenant’s space at the 500,000-square-foot 5900 Wilshire Blvd. complex includes an illuminated red “Variety” sign atop the building.
Reed Business Information, publisher of Variety, leased the 55,000 square feet at 5900 Wilshire to house its Variety, Marketcast and Home Entertainment Group staff. With more than 200 employees, the company will occupy the top three floors.
The Los Angeles-based Ratkovich Co. recently completed a $34 million renovation of 5900 Wilshire that began in 2005 to modernize the tower, which was designed by architect William Pereira in the late 1960s. It was designed as a companion to and across the street from the LA County Museum of Art, sharing the museum’s formal plan and water features.
The 31-story tower was developed by the Shorenstein Co. of San Francisco and completed in 1971 for Mutual Benefit Life, which occupied the tower until 1991. It remains the tallest building on the Miracle Mile.
Before Ratkovich began the recent improvements, the tower was last renovated in 1993. Occupancy had declined before a partnership of the Ratkovich Co. and Prudential Real Estate Investors acquired it for approximately $102.5 million in December 2005. Since taking over and renovating the tower, the new ownership has boosted occupancy to more than 90% at the tower, which is part of an office and retail complex including two satellite buildings of two stories each.
The 5900 tower is the latest in a series of urban rehabilitation projects for the Ratkovich Co., including the Alhambra mixed use complex in Alhambra, the 800 Wilshire office building in Downtown LA and Mid-Wilshire’s Art Deco landmark Wiltern Theatre.