UPDATED, 11:00 a.m., Aug. 26: Rumor has it that Rodeo Drive saw a record-shattering sale.
The 6,287-square-foot Bijan store at 420 North Rodeo Drive recently sold for a higher value-per-square-foot than the Chanel building down the road, the Los Angeles Business Journal reported.
The transaction was the most expensive deal on the price-per-square-foot basis in the history of the famed Beverly Hills shopping destination, brokers say. The buyer as well as the price remains undisclosed, but given the Chanel price tag, the Bijan site sold for at least $67 million.
Chanel paid $152 million last December for the 11,500-square-foot storefront at 400 North Rodeo Drive, or $13,217 per square foot.
“It tops the Chanel deal,” the listing agent Bryan Ley of Holliday Fenoglio Fowler told the Business Journal. “It’s probably one of the most iconic buildings on Rodeo Drive, on one of the best blocks.”
Bijan, a luxury men’s clothing store, set up shop on Rodeo Drive about 40 years ago. It’s famous for the regular presence of yellow Rolls Royce and Bugatti parked outside.
Similar Rodeo properties rarely sell, and that’s why their value only goes up, JLL broker Houman Mahboubi told the Business Journal. [LABJ] — Cathaleen Chen
Correction: An earlier version of this story misstated the size of the store to be 5,000 square feet.