diff --git a/src/main/java/rx/Observable.java b/src/main/java/rx/Observable.java
index 38249d44e6..ead34cba61 100644
--- a/src/main/java/rx/Observable.java
+++ b/src/main/java/rx/Observable.java
@@ -7771,7 +7771,12 @@ public final Observable<T> takeFirst(Func1<? super T, Boolean> predicate) {
      * @see <a href="http://reactivex.io/documentation/operators/takelast.html">ReactiveX operators documentation: TakeLast</a>
      */
     public final Observable<T> takeLast(final int count) {
-        return lift(new OperatorTakeLast<T>(count));
+        if (count == 0)
+            return ignoreElements();
+        else if (count == 1 )
+            return lift(OperatorTakeLastOne.<T>instance());
+        else 
+            return lift(new OperatorTakeLast<T>(count));
     }
 
     /**
diff --git a/src/main/java/rx/internal/operators/OperatorTakeLastOne.java b/src/main/java/rx/internal/operators/OperatorTakeLastOne.java
new file mode 100644
index 0000000000..a9bb7b5d33
--- /dev/null
+++ b/src/main/java/rx/internal/operators/OperatorTakeLastOne.java
@@ -0,0 +1,173 @@
+package rx.internal.operators;
+
+import java.util.concurrent.atomic.AtomicInteger;
+
+import rx.Observable.Operator;
+import rx.Producer;
+import rx.Subscriber;
+
+public class OperatorTakeLastOne<T> implements Operator<T, T> {
+
+    private static class Holder {
+        static final OperatorTakeLastOne<Object> INSTANCE = new OperatorTakeLastOne<Object>();
+    }
+
+    @SuppressWarnings("unchecked")
+    public static <T> OperatorTakeLastOne<T> instance() {
+        return (OperatorTakeLastOne<T>) Holder.INSTANCE;
+    }
+
+    private OperatorTakeLastOne() {
+
+    }
+
+    @Override
+    public Subscriber<? super T> call(Subscriber<? super T> child) {
+        final ParentSubscriber<T> parent = new ParentSubscriber<T>(child);
+        child.setProducer(new Producer() {
+
+            @Override
+            public void request(long n) {
+                parent.requestMore(n);
+            }
+        });
+        child.add(parent);
+        return parent;
+    }
+
+    private static class ParentSubscriber<T> extends Subscriber<T> {
+
+        private final static int NOT_REQUESTED_NOT_COMPLETED = 0;
+        private final static int NOT_REQUESTED_COMPLETED = 1;
+        private final static int REQUESTED_NOT_COMPLETED = 2;
+        private final static int REQUESTED_COMPLETED = 3;
+
+        /*
+         * These are the expected state transitions:
+         * 
+         * NOT_REQUESTED_NOT_COMPLETED   -->   REQUESTED_NOT_COMPLETED 
+         *            |                             | 
+         *            V                             V
+         * NOT_REQUESTED_COMPLETED       -->   REQUESTED_COMPLETED
+         * 
+         * Once at REQUESTED_COMPLETED we emit the last value if one exists
+         */
+
+        // Used as the initial value of last
+        private static final Object ABSENT = new Object();
+
+        // the downstream subscriber
+        private final Subscriber<? super T> child;
+
+        @SuppressWarnings("unchecked")
+        // we can get away with this cast at runtime because of type erasure
+        private T last = (T) ABSENT;
+
+        // holds the current state of the stream so that we can make atomic
+        // updates to it
+        private final AtomicInteger state = new AtomicInteger(NOT_REQUESTED_NOT_COMPLETED);
+
+        ParentSubscriber(Subscriber<? super T> child) {
+            this.child = child;
+        }
+        
+        void requestMore(long n) {
+            if (n > 0) {
+                // CAS loop to atomically change state given that onCompleted()
+                // or another requestMore() may be acting concurrently
+                while (true) {
+                    // read the value of state and then try state transitions
+                    // only if the value of state does not change in the
+                    // meantime (in another requestMore() or onCompleted()). If
+                    // the value has changed and we expect to do a transition
+                    // still then we loop and try again.
+                    final int s = state.get();
+                    if (s == NOT_REQUESTED_NOT_COMPLETED) {
+                        if (state.compareAndSet(NOT_REQUESTED_NOT_COMPLETED,
+                                REQUESTED_NOT_COMPLETED)) {
+                            return;
+                        }
+                    } else if (s == NOT_REQUESTED_COMPLETED) {
+                        if (state.compareAndSet(NOT_REQUESTED_COMPLETED, REQUESTED_COMPLETED)) {
+                            emit();
+                            return;
+                        }
+                    } else
+                        // already requested so we exit
+                        return;
+                }
+            }
+        }
+
+        @Override
+        public void onCompleted() {
+            //shortcut if an empty stream
+            if (last == ABSENT) {
+                child.onCompleted();
+                return;
+            }
+            // CAS loop to atomically change state given that requestMore()
+            // may be acting concurrently
+            while (true) {
+                // read the value of state and then try state transitions
+                // only if the value of state does not change in the meantime
+                // (in another requestMore()). If the value has changed and
+                // we expect to do a transition still then we loop and try
+                // again.
+                final int s = state.get();
+                if (s == NOT_REQUESTED_NOT_COMPLETED) {
+                    if (state.compareAndSet(NOT_REQUESTED_NOT_COMPLETED, NOT_REQUESTED_COMPLETED)) {
+                        return;
+                    }
+                } else if (s == REQUESTED_NOT_COMPLETED) {
+                    if (state.compareAndSet(REQUESTED_NOT_COMPLETED, REQUESTED_COMPLETED)) {
+                        emit();
+                        return;
+                    }
+                } else
+                    // already completed so we exit
+                    return;
+            }
+        }
+
+        /**
+         * If not unsubscribed then emits last value and completed to the child
+         * subscriber.
+         */
+        private void emit() {
+            if (isUnsubscribed()) {
+                // release for gc
+                last = null;
+                return;
+            }
+            // Note that last is safely published despite not being volatile
+            // because a CAS update must have happened in the current thread just before
+            // emit() was called
+            T t = last;
+            // release for gc
+            last = null;
+            if (t != ABSENT) {
+                try {
+                    child.onNext(t);
+                } catch (Throwable e) {
+                    child.onError(e);
+                    return;
+                }
+            }
+            if (!isUnsubscribed())
+                child.onCompleted();
+        }
+
+        @Override
+        public void onError(Throwable e) {
+            child.onError(e);
+        }
+
+        @Override
+        public void onNext(T t) {
+            last = t;
+        }
+
+    }
+
+}
diff --git a/src/perf/java/rx/operators/OperatorTakeLastOnePerf.java b/src/perf/java/rx/operators/OperatorTakeLastOnePerf.java
new file mode 100644
index 0000000000..43adf76bc5
--- /dev/null
+++ b/src/perf/java/rx/operators/OperatorTakeLastOnePerf.java
@@ -0,0 +1,39 @@
+package rx.operators;
+
+import org.openjdk.jmh.annotations.Benchmark;
+import org.openjdk.jmh.annotations.Param;
+import org.openjdk.jmh.annotations.Scope;
+import org.openjdk.jmh.annotations.State;
+
+import rx.internal.operators.OperatorTakeLast;
+import rx.internal.operators.OperatorTakeLastOne;
+import rx.jmh.InputWithIncrementingInteger;
+
+public class OperatorTakeLastOnePerf {
+
+    private static final OperatorTakeLast<Integer> TAKE_LAST = new OperatorTakeLast<Integer>(1);
+
+    @State(Scope.Thread)
+    public static class Input extends InputWithIncrementingInteger {
+
+        @Param({ "5", "100", "1000000" })
+        public int size;
+
+        @Override
+        public int getSize() {
+            return size;
+        }
+
+    }
+    
+    @Benchmark
+    public void takeLastOneUsingTakeLast(Input input) {
+       input.observable.lift(TAKE_LAST).subscribe(input.observer);
+    }
+    
+    @Benchmark
+    public void takeLastOneUsingTakeLastOne(Input input) {
+       input.observable.lift(OperatorTakeLastOne.<Integer>instance()).subscribe(input.observer);
+    }
+    
+}
diff --git a/src/test/java/rx/internal/operators/OperatorTakeLastOneTest.java b/src/test/java/rx/internal/operators/OperatorTakeLastOneTest.java
new file mode 100644
index 0000000000..3ca921daf0
--- /dev/null
+++ b/src/test/java/rx/internal/operators/OperatorTakeLastOneTest.java
@@ -0,0 +1,128 @@
+package rx.internal.operators;
+
+import static org.junit.Assert.assertEquals;
+import static org.junit.Assert.assertTrue;
+
+import java.util.ArrayList;
+import java.util.Arrays;
+import java.util.Collections;
+import java.util.List;
+import java.util.concurrent.atomic.AtomicBoolean;
+import java.util.concurrent.atomic.AtomicInteger;
+
+import org.junit.Test;
+
+import rx.Observable;
+import rx.Subscriber;
+import rx.Subscription;
+import rx.functions.Action0;
+import rx.functions.Action1;
+import rx.observers.TestSubscriber;
+
+public class OperatorTakeLastOneTest {
+
+    @Test
+    public void testLastOfManyReturnsLast() {
+        TestSubscriber<Integer> s = new TestSubscriber<Integer>();
+        Observable.range(1, 10).takeLast(1).subscribe(s);
+        s.assertReceivedOnNext(Arrays.asList(10));
+        s.assertNoErrors();
+        s.assertTerminalEvent();
+        s.assertUnsubscribed();
+    }
+
+    @Test
+    public void testLastOfEmptyReturnsEmpty() {
+        TestSubscriber<Object> s = new TestSubscriber<Object>();
+        Observable.empty().takeLast(1).subscribe(s);
+        s.assertReceivedOnNext(Collections.emptyList());
+        s.assertNoErrors();
+        s.assertTerminalEvent();
+        s.assertUnsubscribed();
+    }
+
+    @Test
+    public void testLastOfOneReturnsLast() {
+        TestSubscriber<Integer> s = new TestSubscriber<Integer>();
+        Observable.just(1).takeLast(1).subscribe(s);
+        s.assertReceivedOnNext(Arrays.asList(1));
+        s.assertNoErrors();
+        s.assertTerminalEvent();
+        s.assertUnsubscribed();
+    }
+
+    @Test
+    public void testUnsubscribesFromUpstream() {
+        final AtomicBoolean unsubscribed = new AtomicBoolean(false);
+        Action0 unsubscribeAction = new Action0() {
+            @Override
+            public void call() {
+                unsubscribed.set(true);
+            }
+        };
+        Observable.just(1).doOnUnsubscribe(unsubscribeAction)
+                .takeLast(1).subscribe();
+        assertTrue(unsubscribed.get());
+    }
+
+    @Test
+    public void testLastWithBackpressure() {
+        MySubscriber<Integer> s = new MySubscriber<Integer>(0);
+        Observable.just(1).takeLast(1).subscribe(s);
+        assertEquals(0, s.list.size());
+        s.requestMore(1);
+        assertEquals(1, s.list.size());
+    }
+    
+    @Test
+    public void testTakeLastZeroProcessesAllItemsButIgnoresThem() {
+        final AtomicInteger upstreamCount = new AtomicInteger();
+        final int num = 10;
+        int count = Observable.range(1,num).doOnNext(new Action1<Integer>() {
+
+            @Override
+            public void call(Integer t) {
+                upstreamCount.incrementAndGet();
+            }})
+            .takeLast(0).count().toBlocking().single();
+        assertEquals(num, upstreamCount.get());
+        assertEquals(0, count);
+    }
+    
+    private static class MySubscriber<T> extends Subscriber<T> {
+
+        private long initialRequest;
+
+        MySubscriber(long initialRequest) {
+            this.initialRequest = initialRequest;
+        }
+
+        final List<T> list = new ArrayList<T>();
+
+        public void requestMore(long n) {
+            request(n);
+        }
+
+        @Override
+        public void onStart() {
+            request(initialRequest);
+        }
+
+        @Override
+        public void onCompleted() {
+
+        }
+
+        @Override
+        public void onError(Throwable e) {
+
+        }
+
+        @Override
+        public void onNext(T t) {
+            list.add(t);
+        }
+
+    }
+
+}