A corner two-story property on Rodeo Drive that is home to fashion retailer Brooks Brothers has listed for $300 million, or roughly $13,482 a square foot, The Real Deal has learned.
That comes just a few weeks after Louis Vuitton’s parent company made headlines for its $110 million purchase also on Rodeo Drive, home to one of the most expensive shopping districts.
The Brooks Brothers property at 468 N. Rodeo Drive has been owned by a family trust for over 50 years, listing broker Jay Luchs of Newmark Knight Frank said.
The double lot is on the busy corner of Santa Monica Boulevard and Rodeo Drive. It spans a combined 22,250 square feet, comprised of a 12,170-square-foot ground floor with a 10,100-square-foot mezzanine level.
There is also the opportunity to redevelop the property, which includes 100 feet of Rodeo frontage, into a larger, 30,000-square-foot site, according to marketing materials from Newmark.
The buyer is likely to be a wealthy individual or private equity firm that wants to redevelop the property and lease it, Luchs said.
“People are talking a lot about retail changing, but real estate like this is so sought-after and rare,” he said. “Rodeo is only a few blocks of stores and so many of these stores on the entire Rodeo Drive street have signed 10-, 20-year deals, or they’ve bought their own buildings. There aren’t that many available spaces on Rodeo Drive.”
Brooks Brothers, the 200-year-old brand known for dressing presidents including Abraham Lincoln and Franklin Roosevelt, has been occupying the spot since 2003. It will be move out in August.
If the property sells for $300 million, the deal would add to the flurry of high-priced trades in the area. But it still wouldn’t beat the record.
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. It also dropped $110 million, or $17,740 per square foot, for 6,200-square-foot store at 456 N. Rodeo Drive earlier this year.
Another pricey deal in the area was Chanel’s 2015 purchase on the same strip, which came out to $13,217 per square foot.