The Reuben brothers have signed three high-end restaurants to occupy part of the retail space at Century Plaza in Century City, the condo-hotel project the brothers’ investment vehicle acquired through a foreclosure earlier this year.
Kyu, which opened its first location in Miami’s Wynwood neighborhood in 2016, will move in alongside New York sushi hotspot Sushi Noz and Estiatorio Milos, the sprawling Greek restaurant at The Venetian in Las Vegas, the U.K.-based investor brothers announced on Dec. 6. All are set to open in late 2024.
Estiatorio Milos will occupy 13,000 square feet at the property. Kyu will take 5,700 square feet and Noz will have a 2,500-square-foot location.
Century Plaza, located at 2025 Avenue of the Stars in the Los Angeles neighborhood of Century City, will be the first West Coast location for all three restaurants, according to the Reuben brothers. Financial terms of the leases were not disclosed.
Aside from the restaurants, the $2.5 billion development will have around 80,000 square feet of other retail space.
In April, Simon and David Reuben acquired the property — comprising the Fairmont Century Plaza hotel and two condo towers for about $1 billion, or about 40 percent of what it cost the developer, Michael Rosenfeld, to build the property.
Rosenfeld defaulted on $1.8 billion in loans in 2021, according to property records. And the Reubens’ investment vehicle, Motcomb Estates, held about 65 percent of that through a senior loan and mezzanine loan. Rosenfeld still owns nearly 200 condos at the property and has come to a forbearance agreement on debt from the Reubens tied to those units.
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The Reuben brothers have tapped David Reuben Jr., David’s son, to run the project since the foreclosure.
In August, the Reubens also hired The Agency’s David Parnes and James Harris to help sell condos at Century Plaza, which are listed from about $2 million to $11 million, according to a website for the development.