The Ratkovich Company & JP Morgan Global Acquire Office Building In Los Angeles For $49.65M

The recently closed property transaction in Los Angeles, CA involved the sale of an office building located at 5950 Bowcroft St. Spanning a total of 73,000 square feet, this property was sold for a price of $49,650,000, resulting in a price per square foot of $680.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $49,650,000
• Address: 5950 Bowcroft St, Los Angeles, CA

The buyer in this transaction was The Ratkovich Company and JP Morgan Global, while the sellers were David Altemus and Justin Altemus. Representing the buyer were Aleks Trifunovic, SIOR, Keith Fielding, Tibor Lody SIOR, and Tommy Isola from Lee & Associates Los Angeles West. On the seller's side, Justin Altemus from The Altemus Company served as the representative.

It is worth mentioning that this sale was the result of an extraordinary effort by all parties involved. The transaction process took over 1.5 years to reach a point where it could close successfully. The buyer and seller played crucial roles, making it possible to finalize the deal. The future of the site is expected to be transformed into a creative office campus, while still preserving the original structures that make this building remarkable.

As noted by one of the brokers involved, the deal would not have been possible without the dedication and collaboration of The Ratkovich Team - Cyrus Chini, Brian Saenger, Milan Ratkovich Teddy Stutz, and David and Justin Altemus.