In a move that could reshape Los Angeles’ luxury real estate landscape, veteran Miami developer Crescent Heights has filed to convert its crown jewel Century City property into what would become the city’s largest condo conversion project.
The Visionary Behind the Tower
Crescent Heights was co-founded by Sonny Kahn, Russell W. Galbut and Bruce Menin in 1989. What started as a Miami Beach operation has evolved into the nation’s leading urban real estate firm, specializing in the development, ownership, and operation of architecturally distinctive mixed-use high-rises in major cities across the United States.
The company’s track record speaks volumes about their market timing prowess. They were the only major condo developer to foresee the collapse of the real estate market, exiting in 2005 with zero legacy assets. This prescient move allowed them to weather the 2008 financial crisis while competitors struggled with distressed properties.
Over three decades, Crescent Heights has built a reputation for catalyzing the evolution of emerging neighborhoods with creatively conceived projects. Their portfolio spans from Miami Beach, Florida included the Shelborne, the Alexander, the Decoplage, Carriage Club, and the Casablanca to Wall Street conversions and Chicago high-rises.
An Architectural Marvel Inspired by LA Legends
The building at the center of this ambitious conversion is no ordinary tower. Ten Thousand, completed in 2017 at 10000 Santa Monica Boulevard, stands as a 40-story testament to contemporary luxury living. The 40-story building, designed by Handel Architects, is named for its location at 10000 Santa Monica Boulevard.
The tower’s design philosophy runs deeper than mere aesthetics. The tower’s angular glass-sheathed façade was inspired by the work of 20th-century modernists Richard Neutra and Rudolph Schindler, whose residences celebrated the quintessential Los Angeles lifestyle — one where indoor and outdoor spaces are seamlessly and elegantly intertwined.
The building’s design evolved from a process of creating a shape that would contrast with the neighboring structures which were square and with flat tops. Ten Thousand’s massing is composed of four crystal-like quadrants, and the balconies define the dramatic angles that are expressed along its striking exterior.
The construction itself was a feat of engineering and luxury. Ten Thousand is a 283-unit, 470,000-square-foot luxury residential tower in Los Angeles. Located at the corner of Santa Monica Boulevard and Moreno Drive, the 42-story tower creates a bold statement on the skyline and formed the new gateway to Century City. Construction included 75,000 square feet of amenity space, making it one of the most amenity-rich residential buildings on the West Coast.
The Numbers Behind the Luxury
The financial scope of this conversion is staggering. With current rents ranging from $10,000 to $65,000 monthly for the penthouse—well above Century City’s average of $6,867—the building caters to LA’s ultra-wealthy demographic. The median condo price in Century City hit nearly $1.6 million in May, with monthly averages never dropping below $1 million this year.
This conversion comes at a time when Crescent Heights continues expanding its portfolio aggressively. In the first quarter alone, they acquired a 350-unit Santa Ana apartment complex for $240 million, demonstrating their continued confidence in the California market.
A Streamlined Conversion Process
Unlike many condo conversions that require extensive renovations, Crescent Heights plans no unit reconfigurations or construction. This strategic decision means the conversion could complete within just four to six months, allowing the company to capitalize quickly on the robust Century City condo market.
The building’s existing luxury amenities—including a private one-acre park and other open space amenities designed by the landscape architecture firm RELM—position it well for the condo market without additional investment.
Market Timing and Strategic Vision
Crescent Heights’ decision reflects both their historical market savvy and current real estate trends. The firm excels at identifying emerging real estate markets, anticipating market cycles, predicting shifts in lifestyle and design trends, and pioneering the creation and implementation of leading-edge product and service innovations.
With Los Angeles’ luxury housing market remaining robust and inventory tight, the conversion of Ten Thousand represents more than a simple asset class change—it’s a bet on LA’s continued appeal to high-net-worth individuals seeking architectural distinction in one of the city’s most prestigious neighborhoods.
If approved, this conversion will not only set a new record for LA but also demonstrate how visionary developers can adapt premium assets to changing market conditions while preserving their architectural integrity and luxury positioning.
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