It’s the kind of office that would do a James Bond movie proud: a box of glass atop an L.A. skyscraper with 360-degree views of the ocean and mountains.
But there’s one thing it hasn’t got: timing.
The 25,000-square-foot, two-story penthouse atop the AT & T; Center is coming on the market amid a commercial real estate shakeout that hasn’t shown many signs of bottoming out.
Of course, that’s not what Irvine real estate company LBA Realty LLC anticipated when in 2005 it bought the 1150 S. Olive St. high-rise designed by famed architect William Pereira and spent $35 million remodeling it.
The penthouse which housed a residence, observation deck and Windows Steaks and Martinis, a restaurant best known for its panoramic views was stripped down to its floor-to-ceiling windows. It would make for a stunning work environment, but so far no takers since it was put on the market last month.
“Despite its spectacular views, it’s not going to be easy securing an office tenant with the absolute doldrums the office leasing market is in,” said Bill Boyd, a longtime commercial real estate broker.
Perry Schonfeld, managing partner of LBA, said the company is well aware of the challenges, but he thinks the property could attract a technology or entertainment firm.
“We feel that space is unique,” said Schonfeld, who added there is no set asking rent. “We are patient.”
It doesn’t help that LBA isn’t the only landlord in town offering spectacular views. The Aon Center, the 707 Wilshire Blvd. office tower owned by Beacon Capital Partners LLC, is trying to lease up its top six floors.
That high-rise has gone through its own $15 million renovation, and the building at 62 stories is almost twice as tall as the 32-story AT & T; Center though the space is laid out on a traditional floor plan.
Susann Ventzke, a vice president for Beacon, said the Aon penthouse is being pitched to professional service firms, such as law or accounting.
“It’s rare to find a contiguous block of space this high up,” she said. “The views are just stunning.”
