Louis Vuitton Moet Hennessy paid $110 million for a one-story building along Rodeo Drive in Beverly Hills, the company’s second large purchase on the street in as many years.
Palm Beach, Fla.-based Sterling Organization sold the 6,200-square-foot property, located at 456 N. Rodeo Drive, the Wall Street Journal reported. Sterling had acquired the property for $55 million.
Sterling signed a 30-year ground lease with rights to purchase the building. When the property owner, Karl B. Schurz, died in January, it exercised its right, the Journal reported.
Less than two years ago, Louis Vuitton paid a record-breaking $122 million for a 6,290-square-foot store down the block at 420 N. Rodeo Drive. That price came out to $19,405 per square foot. The sale beat out Chanel’s 2015 purchase on the same strip, which came out to $13,217 per square foot.
LVMH also owns another store at 319-323 N. Rodeo Drive, which it purchased in 2012.
Earlier this week, Brookfield Property Partners finally closed on a deal to acquire mall operator General Growth Properties after offering a few lowball bids. Meanwhile, developer Hudson Pacific Properties is working to redevelop the struggling Westside Pavilion into office space. [WSJ] — Natalie Hoberman