Douglas Elliman has been tapped to market for lease the Fairmont Residences at the Reuben Brothers’ Century Plaza development in Century City.
The 50 hotel-branded apartments will only be available for lease, with minimum stays of six months, according to an announcement from Century Plaza’s owners, the Reuben Brothers, and Douglas Elliman Development Marketing on Tuesday.
Rents at the Fairmont are between $10,000 and $50,000 a month and renters will have access to the adjacent hotel’s amenities, plus a residents-only lounge, fitness center and wine storage room.
The Reuben brothers, David and Simon, took over the Century Plaza project through foreclosure last year, acquiring the hotel, retail properties and a handful of condo units for about $1 billion, after the developer, Michael Rosenfeld, defaulted on senior and mezzanine loans.
The apartments are located in the same building as the hotel, though residents have a private elevator.
While Los Angeles has a handful of hotel-branded condos for sale, such as Michael Shvo’s Mandarin Oriental Residences in Beverly Hills, it’s rare for these buildings to only offer leases.
Douglas Elliman has already done a “whisper friends-and-family campaign,” but is opening up leasing to the public this week, according to Cory Weiss at the brokerage, who is marketing the residences.
“We’re seeing a lot of executives interested,” Weiss said, referring to high office rents and low vacancy for offices in Century City.
The post Douglas Elliman to market Fairmont Residences for lease at Century Plaza appeared first on The Real Deal.
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