Penthouse With Bulletproof Doors Going on the Market.

THERE'S no shortage of office space available in downtown Los Angeles, where the vacancy rate edged up to 22.5 percent in the second quarter, according to justreleased stats from Grubb & Ellis Co.

But about 60,000 square feet that is about to hit the market stands out from much of the pack. It encompasses the top four floors of Figueroa Tower, purchased by Mani Brothers Real Estate Investment LLC in late 1998.

The penthouse in particular has several unique features created for executives of H.F. Ahmanson & Co., parent of Home Savings of America (which was acquired in 1999 by Washington Mutual Inc.). Ahmanson built the 24-story tower in 1988 as the bank's headquarters downtown.

The penthouse features bulletproof glass doors that can be closed at the touch of a button from any of the desks in the office. The carpets, mahogany paneling and furniture were all custom-made. And the suite includes a conference room that seats 30 people and offices with private bathrooms hidden behind the paneling.

"The penthouse definitely has a corporate feel," said Mani Brothers Vice President Joseph Mani (whose father and uncle are the "brothers" in the company's name). "You won't find too much space like this in the city."

The three floors below the penthouse, each of which, is about 15,000 square feet, had been leased by the New York law firm Cadwalader, Wickersham & Taft, which has downscaled its L.A. operation and is subleasing portions to other firms until its lease comes up in October. The penthouse, meanwhile, has been occupied by a Chinese telecommunications firm.

The space also includes an opportunity to name the building, which was formerly called Home Savings Tower, at 660 S. Figueroa St.

Mani said the asking rate will be around $2.50 per square foot per month, a little higher than the average class-A asking rate downtown, but much less than comparable space on the Westside.

One downtown broker said, even though the penthouse space is beautiful, it has an '80s corporate feel and opulence that could be a hard sell in today's market.

"Most tenants don't want that image," said Whitley Collins with CB Richard Ellis. "At the end of the day, someone could rebuild it from scratch and it could be very nice."

Gregory Camacho, director of leasing for Mani, said he has received inquiries from professional service firms interested in possibly leasing the more-exclusive top-floor space for partners, as well as from communications and dot-coin companies that want the prestige.

Dennis Smith, a broker with Travers Realty/Oncor International, said most brokers run into at least a couple of tenants a year who want that kind of space.

"The question is, does it have a layout and look that appeal to any tenant in the market now?" he said. "I've seen a couple of investment banking firms that would only consider downtown if there's something special."

Mani Brothers, whose roots are in the baked goods business, has acquired several office buildings in recent years -- in Culver City, Sherman Oaks, Santa Monica and West Hollywood -- and is headquartered at Figueroa Tower.