An entity tied to French billionaire Bernard Arnault, CEO of Louis Vuitton’s parent company, is buying a double-lot property on Rodeo Drive for about $250 million, The Real Deal has learned.
Sources close to the deal say it is currently in escrow, but hasn’t closed yet.
The two-story building, which spans 12,170 square feet on the ground floor and 10,100 square feet on the mezzanine level, first hit the market in May for $300 million.
At $250 million, the deal would pencil out to roughly 11,220 per square foot.
The property, found at 468 N. Rodeo Drive, has been in the hands of a family trust for over 50 years. Brooks Brothers, the nation’s oldest men’s clothier, had been leasing the double-lot for 15 years. It vacated last month.
Listing broker Jay Luchs of Newmark Knight Frank confirmed there was a deal in the works, but he declined to comment on the identity of the buyer. A spokesperson for Arnault’s company, Louis Vuitton Moet Hennessy, did not return immediate requests for comment.
Marketing materials from May revealed the next owner has the potential to redevelop the property into a larger, 30,000-square-foot site with 100 feet of Rodeo Drive frontage.
It is unclear whether Arnault will use the property for another Louis Vuitton store, or for one of his other fashion brands, which include Fendi, DKNY and Christian Dior.
The French fashion house Louis Vuitton owns two other stores on the tony street. Its parent company paid a record-breaking $19,405 per square foot for the property at 420 N. Rodeo Drive less than two years ago. It also dropped $110 million, or $17,740 per square foot, for another neighboring store at 456 N. Rodeo Drive earlier this year.
Alexei Barrionuevo contributed reporting.