HITTING RODEO: Rodeo Drive in Beverly Hills is getting crowded. Real estate sources said Zadig & Voltaire has signed a lease to open a store at 465 North Rodeo Drive, the former home of Lana Marks, and Dsquared2 has signed a lease to open a store at 461 North Rodeo Drive. Etro currently occupies the upcoming Dsquared2 location, but the brand is moving to 9501 Wilshire Boulevard in the Two Rodeo property on the corner of Rodeo Drive and Wilshire Boulevard.
With the recent signings, Jay Luchs, executive vice president at real estate services firm Newmark Grubb Knight Frank, said there are only two remaining spaces available in the retail heart of Rodeo Drive, and there are offers on both of those spaces. “Rodeo is absolutely as strong as it has ever been. There is no space. We are leasing ourselves out of jobs,” remarked Luchs, who estimated rents on the street are running from $500 to $600 a square foot per annum. Vera Wang, Tory Burch and Louis Vuitton, which expanded into the former site of Bulgari, are among the brands that will open stores soon on Rodeo Drive.
This story first appeared in the October 30, 2013 issue of WWD. Subscribe Today.