CBRE wins bid to manage Bloc site: sources

The Ratkovich Co. exited the mixed-use project in April

TRD LOS ANGELES /
May.May 31, 2018 11:27 AM
Bob Sulentic, president and CEO of CBRE Group and the Bloc

The asset management arm of commercial brokerage CBRE has won the bid to become the manager of the Bloc, following an exit from developer Ratkovich Co. in April, The Real Deal has learned.

National Real Estate Advisors, now majority owner of the massive mixed-use site in Downtown Los Angeles, chose CBRE over commercial brokerage JLL and development firm Lincoln Property Co.

Representatives from National, CBRE, JLL and Lincoln Property did not immediately return requests for comment. A CBRE team comprised of Jeff Pion, Deron White, John Zanetos and Chris Penrose have been leasing the 720,000 square feet of Class A office space at the property.

Wayne Ratkovich’s eponymous development firm, along with National and Blue Vista Management, acquired the sprawling property in 2013 for $241 million. Together, they developed the site into a retail and commercial property that includes a Sheraton Los Angeles Hotel, a 33-story office tower and underground access to the 7th Street/Metro light rail station.

Ratkovich sold its stake in the project to National earlier this year, following several years of setbacks at the 1.8 million-square-foot complex. In February 2016, a $122 million CMBS loan the firm inherited was transferred to a special servicer. The firm also acknowledged the Bloc was $70 million over budget.

Despite a slow start, leasing at the retail complex caught a tailwind yesterday when news broke that Uniqlo, a Japanese fashion company, will be leasing 15,000 square feet at the site. It will join the under-construction Alamo Drafthouse movie theater, Macy’s and L.A. Fitness, among others.


Related Articles

arrow_forward_ios
CBRE CEO Robert E. Sulentic, and Keller Williams Founder Gary Williams with the Lantana property

Keller cries foul: Brokerage sues CBRE over WeWork lease deal

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

Kodo in Koreatown

Just built, just sold: CGI Strategies finds buyer for new Koreatown rental complex

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

arrow_forward_ios
Loading...