Yup. One of my wife's previous employers did this. The first row of spaces were reserved for long-time employees, which really just meant the VPs who had been there a while. The CEO's admin might have had one of those as well. The rank and file had very little change of ever obtaining a reserved spot.

Where mid-level = VP+, it used to be quite common. Among companies I go to these days, it would be rare enough as to be noteworthy--not that I visit a representative cross-section of all companies.