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Related's The Century sets Los Angeles record for condominium sales price

Strong Start to Sales at Los Angeles' Premiere New Building Century City, California. - A record-breaking sale of a penthouse at The Century, Los Angeles' most luxurious new condominium building, was announced today by Related Sales, the building's exclusive marketing and sales agent, setting a new high price per-square-foot for a Los Angeles condominium residence. The 42-story building on nearly four acres in the heart of Century City, designed by the renowned architecture firm of Robert A.M. Stern Architects, LLP to be the evolution of estate living, is currently well under construction and will be ready for occupancy in 2009. The penthouse was sold for $15 million or more than $2,700 per-square-foot.

"Wealthy L.A.buyers who are extremely discriminating and have purchased multiple homes in Montecito, Malibu, New York, Aspen and other destinations, have found they can still have the ultimate Los Angeles lifestyle while also gaining resort-like services and amenities," said David Wine, Vice Chairman of Related. "This buyer looked for a residence with a convenient Century City location that offered resort-style living without sacrificing privacy, and in this respect, the amenities and services at The Century are truly groundbreaking. The signature restaurant will offer service to each home and to the cabanas at the pool. Residents can meet with their private Equinox trainer in the gym followed by a massage in a private treatment room. Buyers can entertain guests in the Assouline Culture Lounge followed by a showing in the private screening room, and a catered fireside dinner in the garden. It's Los Angeles estate living without the headaches."

The penthouse sold to a local buyer represented by David Mossler and John Iglar of Teles Properties, Beverly Hills, CA. The Penthouse features more than 5,000 square feet and three terraces totaling an additional 647 square feet. Commanding half of a floor, the condominium, which was designed with three bedrooms, a private elevator vestibule and a chef's kitchen, formal dining room, and expansive great room, has a dramatic layout is like a single-family home. Other features include a spacious master bedroom suite with a library and a midnight kitchen, his and hers bathrooms and dressing areas. The Century's elliptical shape ensures that the vista from each room is endless, giving maximum exposure of the jaw dropping southern and eastern views.

"We are encouraged to see this sale as such a strong start to sales at The Century," said Susan de Franca, President of Related Sales. "When designing The Century, we envisioned so much more than a luxury building, but a completely new alternative to other condominiums previously built in Los Angeles. Buyers are recognizing that The Century offers unparalleled design and amenities with elegance, innovation and lasting value and thus will garner the top prices in Los Angeles."

The Century's 140 residences will offer the distinctly luxurious lifestyle which Angelenos expect and enjoy, yet have not been able to realize in a luxury high-rise condominium. With an exceptional array of services and unrivaled amenities, the private, lush landscaped estate gardens feature outdoor entertaining rooms with fireplaces, fountains, walking paths and private spaces. The pool area consists of a 75-foot pool with views stretching to the Pacific, perfect for swimming laps, privately owned cabanas and outdoor dining. The Century will also have an on-site signature restaurant that will cater to the residences as well as provide poolside and outdoor dining.

Life's special occasions are celebrated in the exclusive entertainment suite featuring an elegant lounge, formal banquet room, a screening room and an Assouline Culture Lounge. Additional amenities include a private fitness center, spa treatment rooms, wine tasting room, children's playroom and a business center with a boardroom. Each residence will include concierge service, a membership to the Equinox Club in Century City as well as the Equinox-designed gym in the building, valet indoor parking, individually secured storage, personal wine storage and sophisticated telecommunications capabilities including a membership to Sony Cierge. Additionally there are private offices, guest suites and poolside cabanas available for purchase exclusively for owners at The Century.

"The Sales and Design Center for The Century is the perfect environment to give the feeling of what it will be like to live at The Century," said David Wine, Vice Chairman of Related. "All of the amenities are articulated and the examples of the three interior design choices by Robert A.M. Stern and Marmol Radziner give no doubt that a new standard has been set for a full service building."

The Century Sales and Design Center, located on the 41st floor of Century City's iconic Century Plaza Towers, overlooks the site where the graceful Robert A.M. Stern Architects designed structure in currently under construction, affording stunning views of the ocean, mountains, and surrounding cityscape almost identical to the panoramas The Century residents will enjoy. The Century's developer, Related Companies, is considered the most prominent privately owned real estate development firm in the United States, responsible for creating architectural masterpieces across North America, including New York City's Time Warner Center and the forthcoming Frank Gehry designed Grand Avenue mixed-use development in downtown Los Angeles.