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Centurion sold four of 54 units in 18 months, replaced Douglas Elliman with Sotheby's, and cut total units to 37 larger formats targeting Asian capital.
$438 million
development that has moved only four units since its…
$6 million
for two-bedroom units and reached
$45 million
for penthouses
15 residence projects
in its global pipeline
Centurion Partners has replaced the entire sales apparatus for its Mandarin Oriental Residences Beverly Hills project, a $438 million development that has moved only four units since its October 2023 debut. The Los Angeles-based developer removed Douglas Elliman as the exclusive sales agent in January and is now working with a multi-firm approach centered on Sotheby's International Realty, while restructuring the building's unit mix from 54 residences to 37 larger formats.
The project occupies a 2.2-acre site on Wilshire Boulevard where the old Robinson's department store stood. Construction is roughly 60 percent complete. Original pricing started at $6 million for two-bedroom units and reached $45 million for penthouses, but the developer has not disclosed whether those floors have been adjusted. The four closings to date represent less than 8 percent inventory absorption in 18 months, a pace that would require more than a decade to clear at current velocity.
The repositioning reflects deeper friction in the branded-residence channel. Mandarin Oriental has 15 residence projects in its global pipeline, including properties in Miami, London, and Muscat, but the brand's presence does not automatically convert to velocity in markets where ultra-high-net-worth buyers are comparing against established names like Four Seasons or Aman. Beverly Hills itself has seen slowing transaction volume at the top end. Sales above $20 million in the 90210 ZIP code dropped 22 percent year-over-year in 2024, according to data from The Agency. Centurion's challenge is not unique, but the visibility of the Mandarin Oriental flag makes the stall more consequential for both parties.
The developer is now targeting Asian family offices and international buyers through Sotheby's Pacific Rim network, a geographic pivot that mirrors strategies deployed by other stalled luxury towers in Los Angeles and Miami. Centurion has also emphasized the project's spa and wellness programming, hoping to differentiate against pure real-estate plays. The reduction in unit count suggests a bet that fewer, larger residences will move faster, though it also concentrates risk: each unsold unit now represents a larger share of total project value.
Operators should monitor whether Mandarin Oriental adjusts its licensing terms for future residential deals, particularly minimum sales thresholds before groundbreaking. Developers watching this reset will note the timeline: sales launched in Q4 2023, the pivot began in Q1 2025, meaning Centurion gave the original strategy five quarters before pulling the lever. Family offices evaluating branded-residence exposure should compare absorption rates across the Mandarin Oriental portfolio; if Beverly Hills is an outlier, the issue is local. If it is not, the brand's residential pricing power needs recalibration. Expect clarity on revised unit pricing by late Q2 2025, when Centurion will need to show momentum ahead of construction completion in early 2026.
The building's topping-out ceremony is scheduled for April. By then, the market will know whether the new sales structure is moving metal or simply resetting the clock.
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