Related Continues Record-Breaking Sales with Purchase of $47 Million Penthouse Century City, California - In a sale that is certain to be the topic of discussion at summer cocktail parties throughout the country, Related announces the purchase by a Los Angeles estate owner of the top two floors of The Century, Los Angeles' brand-new and most luxurious residential condominium. The magnificent penthouse residence, spanning approximately 16,500 square feet with a price of $47 million, or $2,848 per square foot, has set a new high price-per-square-foot record for a Los Angeles condominium residence.
"Before choosing The Century, I carefully explored all of the high-rise buildings on the Westside, and The Century was the only one that met my expectations. It offers a completely new alternative," said the buyer, a native of Los Angeles. "I am confident I have found the premiere penthouse, building and developer in Los Angeles." "We are experiencing a very strong market for extraordinary properties such as The Century, Los Angeles' first ultimate trophy condominium property," said David Wine, Vice Chairman of Related.
"The combination of exceptional quality and design, unmatched views, vast interior and exterior living area and simply the finest amenities, above and beyond anything else offered on the market, make this penthouse a stunning acquisition. This sophisticated and well-traveled purchaser, currently residing in one of the city's most important estates, wanted the freedom that will come from no longer having to manage a large estate and staff and yet will continue to enjoy the pleasures of estate living."
The previous record for a Los Angeles condominium sale was set in February when a half-floor penthouse at The Century sold for $15 million or $2,700 per-square-foot. The Century has achieved sales of $200 million and has sold more than 50 percent of the first release. The building is expected to be topped out at its full height by the end of this year. This extraordinary penthouse residence, certain to be among the premiere condominium residences in the world, will crown the 42-story building which presides over nearly four acres of landscaped gardens in the heart of Century City. The penthouse features breathtaking panoramic views from Downtown Los Angeles and the Hollywood Hills to the east, and west to the Pacific and Santa Catalina Island.
Designed by the renowned architecture firm of Robert A.M. Stern Architects, LLP, The Century presents the evolution of estate living and offers an exceptional array of services and unrivaled amenities. The Century will be ready for occupancy in late 2009. The buyer has been working with Related on the design of the penthouse residence and current plans call for the first level to feature an expansive living room with two fireplaces and dining room that can comfortably accommodate 25 guests, each with large private terraces, a reception room, a chef's catering kitchen with separate china storage, breakfast room, climate-controlled wine storage, an office and staff quarters.
The second level will include more personal spaces, including a garden conservatory with a rose garden and spectacular views of the Pacific, a private pool and pool deck opening onto a terrace, a massage room, exercise room and a master bedroom suite of approximately 4,000 square feet with a private terrace, spacious dressing area and a midnight pantry. The Century's 140 residences will offer the distinctly luxurious lifestyle that Angelenos expect and enjoy, yet have not been able to realize in a luxury high-rise condominium.
The private, lush 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 a signature restaurant that will cater to residences and provide poolside and outdoor dining.
Life's special occasions are celebrated in The Century's 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 ultra-exclusive 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. www.thecentury.com