CBRE wins bid to manage Bloc site: sources

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

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
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
Mariposa on 3rd
CGI Strategies secures $42M loan on Koreatown apartment complex
CGI Strategies secures $42M loan on Koreatown apartment complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...