The Ratkovich Company has signed a 10-year, 23,000-square-foot agreement with the East Los Angeles Regional Center, adding to the community nonprofit’s existing lease on an Alhambra office park.
According to reports, ELARC is currently the second largest tenant in the complex, which will occupy a total of 147,000 square feet in the 40-acre complex at 1000 Fremont Avenue after the expansion. business observer.
ELARC executive director Gloria Wong said ELARC had occupied office space in the complex since 1996, when it occupied about 32,000 square feet.
The expansion has resulted in an occupancy rate of over 90 percent for the office building known as The Alhambra, which is significantly better than the average office building in Los Angeles
About 26% of office space across Los Angeles County was available for lease or sublease in the first quarter. The San Gabriel Valley had the lowest availability of office space in the first quarter at 14%.
Ratkovic bought the property for $156.6 million in January 2017 and secured a $150 million refinancing package in May 2019, Business Observer reported.
The company is pushing ahead with office and housing development in Alhambra and Los Angeles counties. In May, Ratkovic submitted plans for a 790-unit project in the Alhambra through Builders’ Remedy, a legal provision that allows developers to bypass housing that fails to obtain state approval within a certain deadline The local subdivision of the planned city.
In downtown Los Angeles, Ratkovich plans to build a 466-unit tower at his recently renovated complex called The Bloc.