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THE HOLLYWOOD REPORTER 56 OCTOBER 16, 2019
BEVERLY:^ COU
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RTNERS.Real EstateOne of the World’s Largest
Penthouses ... in WeHo?
Developers spent years romancing locals to approve a 10-story condo on Beverly Boulevard
that will make a grand 2020 entrance into L.A.’s luxury vertical living landscape By Peter KieferW
hen Candy Spelling
dropped $35 million on
a Century Tower con-
dominium in 2008, she ushered
in a new era, proving that condos
could rival Bel Air mansions
in price and prestige. Eleven
years later, the ante on super-
luxury vertical living is about to
be upped at 8899 Beverly Blvd.
Opening next year, the 10-story
development will
offer two penthouses
expected to shatter
sales records.
On the unfinished
building’s top floor,
a private elevator will open onto
a sprawling open-floor plan with
14-foot cei lings and, most notably,
the 550 feet of specialized retract-
able glass for a wraparound
deck with 180-degree views of
the Hollywood Hills. While the
plan is to split the floor into two
massive units, the developers
— Townscape Partners — have
fielded inquiries about combining
them into one 20,000-square-foot
unit, which would be one of the
largest single-floor penthouses
in the world. While Townscape
declined to discuss pricing, real
estate insiders think it could fetch
$85 million if not more.
“The Century was pivotal and,
along with a few other buildings,
pushed the ball forward,” saysTownscape Partners’ Ty l e r S i e g e l,
who helped oversee the Century
City development when he was at
Related Cos. “The Beverly is part
of a group that’s ‘condo 3.0.’ It’s
about more than the building —
which is highly specialized. But
it’s about putting that design in
a walkable, highly amenitized
neighborhood.”
The former office building
at the corner of Beverly and
La Peer Drive in the heart of West
Hollywood’s design district was
never envisioned as a residential
structure. The nine-story Richard
Dorman-designed building
was built in 1964 to house the
International Design Center, then
the nerve center of L.A.’s design
community. That function would
later pass to the Pacific Design
Center, a few blocks away, after
it was completed in 1975. At thatof about 2,800. The plan also
calls for the construction of eight
townhouses along Rosewood
Avenue ranging from 2,500 to
4,000 square feet. Amenities
include a pool, spa, concierge
services and underground park-
ing that will offer showroom-like
garages for a handful of tenants.
To sell the building, Townscape
turned to Douglas Elliman’s
Fredrik Eklund, a top-performing
NYC broker who’s using the
building as a launchpad for his
L.A. operation — and bringing
a rich roster of clients including
Jennifer Lopez, Daniel Craig, Gigi
Hadid and Bruce Willis. So far, says
Eklund, interest in the building
has come from a mix of American
businessmen seeking a part-time
L.A. residence and locals who are
looking to downsize.point, 8899 Beverly was converted
to an office building and over the
years serviced many entertain-
ment industry tenants including
ICM Partners, which was head-
quartered there from 1975 to 1993.
Relativity Media and Don Mischer
Productions also leased space
there. (The most well-known
tenant has to be industry power
dining spot Madeo, which will
return to the building upon its
completion.)
Townscape, which is backed
by New York investment firm
Angelo Gordon &
Co., purchased the
building for $39 mil-
lion in 2012 and then
hired Seattle-based
architecture firm
Olson Kundig. Siegel and his part-
ner, John Irwin, next set out on a
herculean effort to convince local
homeowners and elected offi-
cials to approve their ambitious
project. The approvals alone took
three years, followed by a spate of
litigation. In 2016, a judge rejected
an appeal by the West Holly wood
Residents Association, and
Townscape reached a settlement
with the group. As part of its deal
with the city, Townscape agreed
to contribute millions for a park
and streetscape improvements.
The building will have 40 units
with an average square footage123EklundFIRST
LOOK
L.A.
CONDO
1, 2 Renderings of 8899 Beverly, being recast
by Seattle architecture firm Olson Kundig,
which has done work for the Bill & Melinda
Gates Foundation. 3 Penthouses will feature
fully retractable wraparound glass walls.The home of the International Design
Center, designed by Richard Dorman, was
photographed by Julius Shulman.1964Siegel