Billionaire David Murdock has decided to close Westwood’s storied Regency Club, a longtime haven for Los Angeles’ business elite, the club confirmed on Wednesday.

The private club’s lease on the top floor of Murdock Plaza is set to expire April 30, said General Manager Scully Cloete. Murdock, who developed but no longer owns the Wilshire Boulevard office tower, decided not to renew the lease on the club known for its posh ambiance.

“After three decades, Mr. Murdock decided it was time to focus his interests elsewhere,” Cloete said.“It’s time to make space for a new generation.

Murdock could not be reached for comment.

While members said attendance at the dining room and sponsored events has been noticeably down since the recession, Cloete said that the club had not seen a noticeable decline in membership, which totals about 600, even among younger business professionals.

Westside publicist Carl Terzian, who is on the Regency’s board of governors, said he was shocked and saddened when he heard the news from Murdoch.

“It’s a unique environment. There’s nothing else like it,” said Terzian, who heads an eponymous public relations firm and uses the club daily for client events.

Terzian is not the only publicist who regularly frequented the Regency. Arlene Howard of Arlene Howard Public Relations said she and her husband paid roughly $10,000 to join the club seven years ago and gladly remained members – paying its $300 monthly fee – even if they didn’t go there daily.

“If you were trying to impress a prospective client you’d take them to the Regency, where you could see Eli Broad at one table and former Mayor Dick Riordan at another table and chat with them,” she said. “It’s very expensive, but the food is good, the ambiance excellent and you’re treated like visiting royalty. It brought a tremendous gentility to the business world here.”

Cloete said there were plans to find other employment for the facility’s 52 employees once the club closes.