Crescent Heights Pursues Major Condo Conversion Project

Los Angeles could be poised to see its biggest condominium conversion project in decades if Crescent Heights gets its way.

The Miami-based developer has filed an application with the city of Los Angeles to convert Ten Thousand, a 40-story, 283-unit luxury apartment building in Century City, into condos, Commercial Observer reported. Crescent Heights developed the property at 10000 Santa Monica Boulevard in 2017.

Ten Thousand’s condo transition would make it the largest condo conversion endeavor in Los Angeles since The Century Towers, two 28-story apartment buildings nearby at 2220 Avenue of the Stars, that were converted into 331 condos in 1973, according to CO.

Crescent’s plans for the conversion remain unclear, though the developer said it does not plan to create new lots or undergo any construction, per CO. Condo conversion projects without construction portions typically take between four to six months, according to Old Republic Title.

Last year, Crescent Heights announced it was pursuing a condo conversion project in L.A. at 6200 West Wilshire Boulevard in Beverly Grove. The firm aimed to convert the medical offices of Wilshire Medical Center into a 200-unit residential building after purchasing it from Wilshire Center Building in 2020 for $54.3 million, the Los Angeles Business Journal reported.

“Delivery will be later this year following a full renovation of the common areas and building systems, including the facade,” Elliott Kahn, the L.A.-based partner at Crescent Heights, told The Real Deal at the time. “We feel our central location, proximity to hospitals, and the lack of small owner/user medical/office space for sale in a 10-mile radius puts us in a unique position to provide value for buyers and lessees, especially medical practitioners that typically have expensive build-outs and prefer to remain in their locations for longer terms.”

In the spring, Crescent Heights continued its L.A.-area expansion with the purchase of Skyline at MacArthur Place, two 25-story apartment towers in Santa Ana, from Essex Property Trust for $240 million. Crescent’s purchase of the 350-unit complex made it the fourth-priciest multifamily purchase in Orange County history, according to CoStar data cited by CO.

— Chris Malone Méndez