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One Building, Three Lives
It's become a familiar site in overbuilt markets such as South Florida and Southern California, high-end condo projects converting to rental units. One prominent example 1010 Wilshire. The 17-story building was built in 1975 and served much of its life as an office building. When its major tenant, AT&T, didn't renew its lease in 2004, the owners decided to convert the building into luxury condos. Now 1010 Wilshire is opting for a new business plan--rentals for business people who want access to nearby downtown Los Angeles. The 227 fully-furnished suites feature laundry facilities, hardwood floors, fully equipped kitchens with stainless steel appliances, Jacuzzi tubs with sky line views. In short, things you'd expect to find in a condo building, not a hotel or apartment. There are other perks: a private wine cellar, theater room, fire-pits and open-air billiard and foosball tables and a complimentary car service with chauffer for in-town destinations. Rental pricing has not been finalized.