Beverly Heaven – Los Angeles Business Journal

Los Angeles has long been known for its expensive residential properties. A new project in West Hollywood is no exception. Indeed, some of its divisions have been listed for tens of millions of dollars.
Townscape Partners, the West Hollywood-based developer of the 8899 Beverly property, has off-market listings for two penthouses that are available for $50 million each or as a single penthouse for $100 million.

The high-priced penthouses sit atop a 10-story, 40-unit adaptive reuse project in West Hollywood that debuted in April.
“We bought the property in July 2012,” said Tyler Siegel, who, along with John Irwin, is a principal at Townscape Partners. “We are approaching the 10th anniversary of making this project a reality. It has been a long and challenging journey to deliver a product of this caliber.”

In June 2021, Townscape and investment partner Angelo Gordon secured a $231 million apartment inventory loan for 8899 Beverly. Deutsche Bank provided the senior mortgage, while Starwood Property Trust provided the mezzanine loan. Rob Rubano and Keith Padien of Cushman & Wakefield arranged the financing.

Originally built in 1962 as the International Design Center — a predecessor to West Hollywood’s Pacific Design Center — the building went through an era when ICM Partners was a tenant and later became home to a variety of entertainment-related businesses. Because of when it was built, the tower has a height that predates West Hollywood’s zoning restrictions.

“You get great views all the way from the lowest floors,” Siegel said.
Upgrading the tower proved a challenge for Townscape.
“It’s a pretty unconventional adaptive reuse,” Siegel said. “It wasn’t just about taking the original and repurposing it. We doubled the size of each floor slab. The building became wider.

The east-facing maisonette has its own private lift and lobby. If combined with the other penthouse, with its 20,000-square-foot floor plate, “as far as we know, it would be the largest single (condo) floor in the world,” Siegel said.
“The top of our building has a completely different structure than the rest of the building,” Siegel said. “This is truly a custom designed home that sits atop the building.”

Trio: Tyler Siegel (left),
Tom Kundig and John Irwin.

High-end features

The project, designed by the architectural firm Olson Kundig and executed by Large Architecture, received a lot of input from Siegel and Irwin.
“We really were pioneers,” Siegel said. “We had to hold out and challenge the team to really get it right.”

Olson Kundig designed the remodeled building as well as the lobby’s custom furniture and lighting fixtures, including Alaskan white oak wood ceilings, wood paneling, and Italian silver travertine for the exterior.

There are also Vitrocsa glass walls that can be pulled back to blend the interior of the apartments with the exterior and outdoor terraces of the blocks. architectural feature of the tower.

“It was a very early decision we made to have the highest work glass,” Siegel said. “This is the flattest glass we can find.”
“Because it was an office building, it’s very tall from floor to floor,” Siegel added. “Many of our units have a sliding wall system. The end result of doing all this work is just an amazing experience.”

The penthouse has 14-foot ceilings and also features high-end glass with 550 feet of Vitrocsa operable glazing.
“The penthouse takes that design idea to the nth degree,” Siegel said. Fredrik Eklund, the agent with Douglas Elliman Real Estate who has the listing for the property, has been part of the development since it began. In a statement, he said he knew he was “part of something special” when he was cast in the project.

“8899 Beverly is the best residential project in California, bar none,” he said in a statement. “It’s an honor to work on something where everything is done right in the best location in Los Angeles.”

DCIM100MEDIADJI_0032.JPG
8899 Beverly is a former office building.

I sell houses

Behind the tower are the neighboring Rosewood Houses, a collection of eight residences equipped with a swimming pool, hot tub, or both.
These are two story houses located on what used to be a parking lot.
“They all have different floor plans,” Siegel said, and include Japanese-style exteriors. “I like to joke that it’s the architect who gets screwed.”

In addition to the features found in the houses themselves, residents will also have access to the same services and amenities offered in the condominium building. According to Siegel, most of the residences Olson Kundig designs for his clients cost between $30 million and $60 million.

“They like to do what I call low-key work,” Siegel said of Olson Kundig.
The houses are compatible, he said, with the other homes along Rosewood Avenue.
“In many ways, putting (inside) these homes is kind of sketching the fabric of the neighborhood,” Siegel said.

Residences range in price from $7 to $12 million per property depending on size.
The tower units start at just under $3 million, escalating to the $50 million penthouse.

And despite the high prices, units are selling. “He’s doing really well,” Siegel said. “Many of the larger, north-facing units are selling at this time.”
An attraction for some buyers may be the building’s restaurant. The ground floor of the Beverly 8899 tower housed the beloved Italian restaurant Madeo. After 36 years at the location, Madeo has been replaced by a new Italian restaurant, Stella, run by Janet Zuccarini. Toronto chef Rob Gentile runs the kitchen.

Nearby, Townscape also has plans for 8150 Sunset, at the southwest corner of Sunset and Crescent Heights avenues, where a five-building project designed by legendary architect Frank Gehry could go up.
Currently in the permitting phase pending construction, the complex is expected to include 249 residential units and include retail and other commercial space.

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