29 Mar '18, 6pm

Louis Vuitton parent company drops $110M for Rodeo Drive store

Louis Vuitton parent company drops $110M for Rodeo Drive store

456 N Rodeo Drive and CEO of Louis Vuitton Moët Hennessy, Bernard Arnault (Credit: Wikimedia Commons) 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 padie 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 purc...

Full article: https://therealdeal.com/la/2018/03/29/louis-vuitton-paren...

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