Bijan store on Rodeo Drive sells for a record $122 million

The parent company of Louis Vuitton paid an eye-popping $122 million last month for the Bijan store on Rodeo Drive, public records show.

The sale to LVMH Moët Hennessy Louis Vuitton is the latest high-profile deal on the Beverly Hills shopping street, which is home to luxury retailers such as Gucci and Prada. Louis Vuitton already has a store near the Bijan building it purchased at 420 N. Rodeo Drive.

At $19,405 a square foot, the sale to the Paris-based luxury goods conglomerate tops the $13,217 a square foot Chanel paid late last year for a Rodeo building it was leasing. At the time, the Chanel deal was a record price on a square-foot basis for retail space in California.

It’s unclear what LVMH will do with its new purchase and Bijan remains open. A spokesperson for LVMH did not immediately return an email seeking comment.

Marc Schillinger, a director with commercial real estate company HFF who represented the sellers, Bijan Properties LLC, would not confirm the sale price or the buyers.

But he said that high demand and limited supply are driving values up on Rodeo Drive.

“There are only 2 ½ blocks on Rodeo Drive and every luxury retailer wants to anchor their brand on Rodeo,” he said. “Everyone came out of the woodwork when we announced the opportunity to buy this asset.”

Iranian immigrant Bijan Pakzad opened his House of Bijan boutique on Rodeo Drive in 1976 and through the years counted many high-profile names among his clients, including Michael Eisner and King Juan Carlos of Spain. Pakzad died in 2011, but the store has retained its appeal.

Rodeo Drive ranks second among the most expensive U.S. retail streets, trailing only upper Fifth Avenue in New York, commercial brokerage Cushman & Wakefield said in a report late last year.

The $122 million price for the Bijan store was first reported by the Los Angeles Business Journal.

Follow me @khouriandrew on Twitter

Source:   latimes
Source Link:   latimes

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