DTLA penthouse sniffs record at $95K per month
19K sf, two floors for luxury entrepreneur relocating from Texas
The road between Southern California and Dallas runs both ways–and a purveyor of luxury goods is bringing Texas-sized ambitions to Downtown Los Angeles with a lease on a high-rise penthouse.
Anthony Farrer plans to pay $95,000 per month in rent when he starts a two-year lease in May, according to Lee Mintz of Compass, who represented the founder of The Timepiece Gentleman in the deal. He’ll use the 19,000-square-foot, two-level penthouse of the 53-story tower at 825 South Hill Street as a headquarters for his company, which deals in watches that range from $30,000 to $2.5 million.
Mintz said that Farrer wanted to develop a unique ambiance–the six bedrooms and 11 baths are complemented by a rock-climbing wall, a pool and three bars. She touted the lease as a record for a penthouse rental on the entire West Coast–a claim that hasn’t been verified but isn’t out of the realm of plausibility.
Farrer said he will spend $1 million to furnish and develop the penthouse, with $200,000 budgeted for audio and video equipment. There also will be four outdoor lounges, each with different landscapes, as well as a sauna and a spa.
With its commanding views of Los Angeles, the penthouse is slated to serve as a place to photograph and video marketing content for his company as well as a residence and showroom.
“He wanted the “wow effect,” the privacy and the safety,” Mintz said. “You need to be somewhere you are protected.”
Clients will have to register with a building security guard. A separate security guard will escort the client to the penthouse in a private elevator.
Farrer and two of his five staff members also will live in the penthouse.
The penthouse was originally listed at $125,000, according to Mintz, who said she negotiated a two-year lease that calls for the tenant tol pay $95,000 a month for the first 12 months. From the 13th to 24 month of the lease, the tenant will pay $100,000 a month.
Josh Altman worked as a listing agent for the penthouse. He has not replied to requests for comment before.
Farrer started his company in Dallas in 2018 and forecasts Timepiece Gentleman will gross $100 million in sales in 2022.
He said he will continue to run offices in Texas, but wants to expand to Los Angeles because it is one of the premier watch markets in America.
“The client will spend half a million without batting an eye,” he said of Los Angeles’ luxury shoppers.
He contends that there is no other area retailer who offers a deep inventory of one-of-a-kind and luxury timepieces along with a secure and ultra luxurious space.
825 South Hill was developed by Canada-headquartered developer Onni Group and was designed by Chris Dikeakos Architects. Ground was broken on the project in 2016. It started leasing new apartments in 2019.
Farrer’s lease deal takes a recent revival of the luxury market in Downtown L.A. well beyond recent benchmarks, including the renovated Singer Building, which recently landed its first tenant.
Farrer’s move to L.A. from Dallas runs counter to recent trends, which have see the shift of businesses and residents from California to Texas draw headlines and raise concerns.