Douglas Elliman has been tapped to marketplace for lease the Fairmont Residences on the Reuben Brothers’ Century Plaza growth in Century Metropolis.
The 56 hotel-branded residences will solely be out there for lease, with minimal stays of six months, in accordance with an announcement from Century Plaza’s homeowners, the Reuben Brothers, and Douglas Elliman Improvement Advertising and marketing on Tuesday.
Rents on the Fairmont are between $10,000 and $50,000 a month and renters can have entry to the adjoining lodge’s facilities, plus a residents-only lounge, health heart and wine storage room.
The Reuben brothers, David and Simon, took over the Century Plaza challenge by foreclosures final 12 months, buying the lodge, retail properties and a handful of condominium models for about $1 billion, after the developer, Michael Rosenfeld, defaulted on senior and mezzanine loans.
The residences are situated in the identical constructing because the lodge, although residents have a non-public elevator.
Whereas Los Angeles has a handful of hotel-branded condos on the market, akin to Michael Shvo’s Mandarin Oriental Residences in Beverly Hills, it’s uncommon for these buildings to solely supply leases.
Douglas Elliman has already carried out a “whisper friends-and-family marketing campaign,” however is opening up leasing to the general public this week, in accordance with Cory Weiss on the brokerage, who’s advertising and marketing the residences.
“We’re seeing a whole lot of executives ,” Weiss mentioned, referring to excessive workplace rents and low emptiness for places of work in Century Metropolis.
