LA Market Report: The High Life

Sierra Towers

The cliche of LA living is the Lautner house with the pool and the ping-pong table, but a steady celebrity invasion of a vintage 32-story Modernist tower on Doheny Road is making urbane high rise living the new “new thing”. Sierra Towers built in 1964 has always had its celebrity devotees, but as Old Hollywood icons like Joan Collins and George Hamiliton exit, the new generation like Vincent Gallo and Lindsay Lohan have swept in. Which is not to say Sierra Towers is all-celebs, all the time. A hyper-competitive clique of industry executives, lawyers and entrepenuers have made a positive fetish of multi-million dollar renovations of these coveted condos (though no-one is yet to beat Gallo’s feat of summoning Rem Koolhaas to supervise his do-over).

And when rumors coursed through town that Kate Moss had dropped $3 million on a pad, then Sierra Towers had emerged as the ne plus ultra of LA status real estate. Since acquisition in the Sierra is at saturation point, the challenge then is to pre-figure the next “new thing”. LA insiders are convinced that the heat will now shift to the Hollywood and Vine district. Bidding boldly for the title is the well named Hollywood and Vine development by Legacy Partners and Gatehouse Capital as well as The Broadway Hollywood which already has been gobbled up in a feeding frenzy. Stay tuned!

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