Retired NYPD detective Joe Leland is visiting the 40-story office headquarters of the Klaxon Oil Corporation in Los Angeles on Christmas Eve, where his daughter Stephanie Leland Gennaro works.
While he is waiting for his daughter's Christmas party to end, a group of German Autumn–era terrorists take over the skyscraper. The gang is led by the brutal Anton "Little Tony the Red" Gruber. Joe had known about Gruber through a counter-terrorist conference he had attended years prior. Barefoot, Leland slips away and manages to remain undetected in the gigantic office complex. Armed with only his Browning Pistol and in communication with Los Angeles Police sergeant Al Powell and his belligerent supervisor, Dwayne Robinson, Leland fights off the terrorists one by one in an attempt to save the 74 hostages, his daughter and grandchildren.
After executing the CEO of the Klaxon building, Mr. Rivers, Gruber and the terrorists proceed to steal documents that will publicly expose the Klaxon corporation's dealings with Chile's junta. They also intend to deprive Klaxon of the proceeds of the corrupt deal of $6,000,000 in cash by attempting to access a safe. Leland interferes with this plan by stealing explosives and progressively killing terrorists and receiving multiple injuries in the process.
Leland kills most of the terrorists and, despite no help from the police, faces off with the leader of the terrorist group, Anton Gruber, who is holding his daughter hostage. Gruber falls to his death after being shot by Leland, taking Stephanie with him. Blaming Klaxon for the terrorist attack and his daughter's death, Leland throws the cash out of the window himself. Once Leland is back on the street, the last terrorist, Karl, who was presumed dead earlier, returns and starts a shooting rampage, killing several police officers (including Robinson) and a doctor in the process, before Sgt Powell finally kills him, allowing Leland to receive medical care.