Obi Anyanwu
Dec 11, 2015
Chanel purchases Beverly Hills retail space for record amount
Obi Anyanwu
Dec 11, 2015
Chanel made Los Angeles real estate history after it spent $152 million on a Rodeo Drive retail space in Beverly Hills.
The 11,500-square-foot retail space at 400 N. Rodeo Drive had been leasing for $13,217 per square foot, according to Elkins Kalt Weintraub Reuben Gartside, one of the law firms involved in the transaction, and it caught the attention of the French fashion atelier. Chanel purchased the property from a partnership of two families that owned the property since the late 1980s.
The space is right next door to another store owned by Chanel and the company intends to "…tie them together in some fashion," according to Scott Kalt, one of the founding partners of Elkins Kalt Weintraub Reuben Gartside.
LVMH previously held the record broken by Chanel. Also on Rodeo Drive, the company bought a 7,100-square-foot space for $85 million, or $11,971 per square foot, in 2013.
Despite the record breaking sale, Rodeo Drive is ranked second among most expensive US retail streets, just behind New York City’s Fifth Avenue.
Copyright © 2024 FashionNetwork.com All rights reserved.