Robert Redford to move local Sundance office to Miracle Mile
Actor and director Robert Redford has agreed to move the California office of his Sundance Institute a short distance from Beverly Hills to the Variety Building in the Miracle Mile district of Los Angeles.
The Sundance Institute, a nonprofit organization founded by Redford to discover and support independent film and theater artists, has leased the eighth floor of 5900 Wilshire Blvd., a high-rise located across the street from the Los Angeles County Museum of Art.
“As our year-round programs continue to grow, we needed more space and an open, creative environment that could adapt to our needs,” said Keri Putnam, executive director of the institute.
Financial terms of the 10-year lease for 14,279 square feet were not disclosed, but landlord the Ratkovich Co. asks for rents between $2.75 and $2.95 per square foot per month for space in the building, according to real estate data provider CoStar.
Improvements to the new space will begin immediately to prepare for Sundance’s move in the winter. The institute now occupies 10,300 feet in a Wilshire Boulevard building just east of La Cienega Boulevard, CoStar said.
Its new home will be a 30-story tower designed by noted Los Angeles architect William Pereira and completed in 1971 that had fallen out of favor with tenants before Los Angeles developer Wayne Ratkovich bought it in 2005.
Ratkovich, who has renovated several historic Los Angeles-area properties including the landmark Deco-style Wiltern Theater and the elaborately decorated Fine Arts Building, spent more than $34 million restoring and improving Pereira’s modern-style tower.
Tenants include Variety magazine and its parent company Reed Business Information, broadcaster 100.3 the Sound and Los Angeles Magazine.
-- Roger Vincent
Photo: Office building at 5900 Wilshire before Variety magazine moved in. Credit: The Ratkovich Co.