Ratkovich signs nonprofit to 23K sf lease expansion in Alhambra

The Ratkovich Company has signed Eastern Los Angeles Regional Center to a 10-year deal for 23,000 square feet, adding to the community nonprofit’s existing lease at the firm’s office campus in Alhambra.

ELARC, now the complex’s second-largest tenant, will occupy a total 147,000 square feet at the 40-acre complex at 1000 Fremont Avenue with the expansion, according to Commercial Observer.

ELARC has occupied office space at the complex since 1996, when it first took about 32,000 square feet, according to ELARC Executive Director Gloria Wong. 

The expansion brings the office complex, called The Alhambra, to more than 90 percent occupancy — significantly better than the average office building in L.A. 

Across Los Angeles County, about 26 percent of office space was available for lease or sublease in the first quarter, according to Savills. The San Gabriel Valley saw the lowest availability for office space in the first quarter at 14 percent.

The Ratkovich Company bought the property for $156.6 million in January 2017, according to Commercial Observer, and scored a $150 million refinancing package on the property in May 2019. 

The company is plowing ahead with office and housing developments across Alhambra and L.A. County. In May, Ratkovich filed plans for a 790-unit project in Alhambra through builder’s remedy, the legal provision that allows developers to bypass local zoning in cities that fail to score state-approved housing plans within a certain deadline. 

In Downtown L.A., Ratkovich plans to build a 466-unit tower at its recently renovated complex called The Bloc.