Beverly Sky – Los Angeles Business Journal

Los Angeles has long been known as the most expensive real estate. A new project in Western Hollywood is no different. In fact, some parts are listed for tens of millions of dollars.
Townscape Partners, a West Hollywood-based 8899 Beverly property developer, has a list of two homes for $ 50 million each or $ 100 million as a single piece of furniture.

High-value homes are undergoing a 10-story 40-unit adapter project in West Hollywood, which began in April.
“We bought the property in July 2012,” said Tyler Cigel, head of Township Partners with John Irwin. “We are approaching the 10th anniversary of this project. It was a long and challenging way to deliver this product.

In June 2021 Townscape and investment partner Angelo Gordon acquired a $ 231 million joint condo loan for 8899 Beverly. Deutsche Bank lent the largest loan, while Starwood Property Trust lent the balance. Cushman and Wakefield’s Rob Rubano and Keith Paddy prepared the financing.

First In 1962, as an international design center – a forerunner of the West Hollywood Pacific Design Center – the building passed away as a tenant of ICM Partners and later became home to a variety of entertainment-related businesses. Due to its construction, the wall is taller than the western zoning boundaries of Hollywood.

“They are getting better views from the lower floor,” says Siegel.
Updating the tower was a challenge for Townscape.
“It’s a very unconventional adaptation,” says Siege. “It was not just a matter of taking the original and reusing it. We doubled the size of each floor. The building expanded.

The east-facing house has its own elevator and lobby. Combined with the 20,000 square feet of floor space combined with the other Penn House, “as far as we know, it makes the largest single condominium in the world,” Siegel said.
“The upper part of our building has a completely different structure from the rest of the building,” Siggle said. “Of course, the top of the building is a custom-designed house.”

High-level features

The project, designed by architect Olson Kundig and implemented by the largest architect, received a lot of input from Seattle and Irwin.
“We were really pioneers,” he says. We had to persevere to get the team right.

Olson Kundig designed the rebuilt building as well as the lobby’s custom furniture and lighting fixtures, Alaska white oak roofs, wooden wall panels and Italian silver travety exterior stone.

There are vitreous glass walls that rotate back and forth to blend the interior of the condom with the outside and the outside.

“It was a very early decision that we made to have the highest quality glass,” Cigel said. We can get very flat glass.
“It’s an office building and it’s very high from floor to floor,” he added. “Most of our rooms have sliding walls. The end result of all that work is an incredible experience.

The Penthouse has 14-foot high ceilings and a 550-foot Vitroxsa glass.
“Pent House takes that design idea to the nth degree,” he said. The listing of the property was created by Frederick Eckulud, Douglas Elman real estate agent as part of the development. In a statement, he said he knew it was “part of something special” when they came to the project.

“8899 Beverly is the best residential project in California, there is no bar,” he said in a statement. In the last LA area, it is a great honor to work on what is done right.

Homes for sale

Near the back of the tower is a set of eight furnishings equipped with rosewood, a swimming pool, a jacuzzi or both.
These two-story houses are already located in the parking lot.
“They are all different floor plans,” Siegel said, and includes a Japanese-style exterior. “I like to joke that this architect is showing up.”

In addition to the features in the homes, residents will also receive the same services and facilities offered in the condominium. According to Siegel, most of the homes Olsen Kundig designed for his clients cost between $ 30 million and $ 60 million.

“They like to do what I mean by nonsense,” says Cigel about Olson Kundig.
He said the houses are in line with the houses on Rosewood Street.
“In many ways, putting these houses in is like re-painting the fabric of the area,” he says.

The cost range of the homes is $ 7 million to $ 12 million per property, depending on the size.
Parts of the tower start at less than $ 3 million, rising to $ 50 million.

And despite the high prices, parts are sold. “He’s doing very well,” he said. Many large north-facing rooms are being sold at this time.
A picture of some of the rulers may be the building of the restaurant. The ground floor of the 8899 Beverly Tower housed the popular Italian restaurant Madion. After 36 years, Madeo was replaced by Stella, an Italian restaurant run by Janet Zuckerini. Toronto Chef Rob Jentil manages the kitchen.

Nearby, Townscape is set for a 8150 sunset, sunset and moon Heights cliff southwest corner, a five-story project designed by legendary architect Frank Guerrero.
Currently under construction permit status, the building includes 249 residential and retail and other commercial areas.