TPG Angelo Gordon has sold a penthouse at its 8899 Beverly Boulevard condo project in West Hollywood for $24 million, marking the most expensive condo sale across Los Angeles in the last year.
The deal for the 6,500-square-foot condo closed on April 26, just two days after being listed on the MLS for $25 million, or roughly $3,875 a square foot, according to a Zillow listing.
Michelle Montany and Taaseen Qureshi of The Agency Development Group represented the seller, while Mauricio Umansky brought in the buyer, according to the brokerage. The buyer was not disclosed.
The sale price came out to more than half of the condo’s original listing price. In January 2023, the penthouse was being quietly marketed off-market for $50 million, according to Robb Report.
In 2020, the building’s two penthouses, originally owned by Angelo Gordon and Townscape Partners, were marketed as a single $100 million package, according to the Wall Street Journal. Townscape principal Tyler Siegel said he was looking for “nine figures-plus” for the duo at the time.
Townscape Partners is no longer involved in the project, according to The Agency.
But The Agency, which took over marketing the condos from Douglas Elliman last year, took a different approach.
“Prior to The Agency’s representation, the penthouse offerings were originally promoted at a higher price for the entire floor, then they split the floor and promoted at $50 million each,” said Montany, who runs director of sales at 8899 Beverly.
“We made them aware of the considerable interest from other parties and informed them of our intention to formally list PH-E at the end of April,” said Montany of the speed of the transaction last week. “This prompted a quick response from them to secure the home and close quickly.”
Back in 2022, the property’s Unit 7BE sold for $17.5 million, marking the priciest condo deal of that year.
The buyer will be neighbors with actor Matt Damon, who just bought a two-bedroom condo in the building for $8.6 million.
Designed by Seattle-based Olson Kundig Architects, 8899 Beverly features four bedrooms, five bathrooms, a semi-private elevator and a separate entrance and service corridor for staff members, assistants and catering staff. The penthouse also has 14-foot ceilings and a wraparound terrace with views of San Gabriel Mountains, Century City and Hollywood Hills.
People in Los Angeles have been willing to pay more for condos lately. Condos in Los Angeles sold at a median sale price of $3.1 million in the first quarter, up 12.5 percent compared to the quarter before, according to a Douglas Elliman report.
Angelo Gordon and Townscape Partners opened the development in 2022, after scoring a $231 million condo inventory loan from Deutsche Bank and Starwood Property Trust.