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Plans Could Bring Two Restaurants to Standard Oil Building

By Rich Alossi
Published: Friday, September 03, 2010, at 09:41AM
The Standard Oil Building Rooftop Rich Alossi [Flickr]

The rooftop of the Standard Oil Building will become a dining and lounge space if the building's owners are able to find the right operator.



If the owners of the Standard Oil Building have their way, two new restaurants would join the corner of Olympic Boulevard and Hope Street. The building, built in 1924, has long housed small professional offices, nonprofits and fashion tenants, including a FIDM design studio.

According to Standard Oil Investment Group's Steven Bohbot, nearly $3 million in improvements were undertaken for the project, which provides the infrastructure necessary for restaurant operators to take over and do a custom build-out. Currently, operators are being sought for a high-end supper club or steakhouse in the basement of the building as well as a themed rooftop dining and lounge space.

A lengthy construction process started in 2007 after the building received some early interest from Beverly Hills restaurant Crustacean. The restaurant group bowed out in the midst of the recession.

The ninth floor, which previously housed dusty mechanical equipment and not much else, is now brightly lit and home to several executive offices and modern restrooms. Stairs lead to the 9,000-square-foot rooftop space, which provides unencumbered views of the Staples Center, the Financial District skyline and the building's Italianate rooftop elevator housing. Bohbot explains that a split-level restaurant/lounge could make the most of those views by keeping the dining area on the rooftop with the kitchen below.

The clock is ticking on the building's hunt to find tenants. The entitlements, obtained in early August, need to be put to use within a year or will have to be extended, potentially adding to the time it would take a restaurant to open. Downtowners looking to draw comparisons to the Standard Hotel rooftop lounge may have to wait a while before sipping those mojitos.

The Standard Oil Building / 605 W. Olympic / thestandardoil.com

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