2 RODEO DRIVE SOLD TO EUROPEAN GROUP
Byline: Kristin Young
BEVERLY HILLS, Calif. — A European investment group has agreed to buy 2 Rodeo, the exclusive 135,000-square-foot complex along the 200 block of North Rodeo Drive here that’s home to such brands as Valentino, Tiffany’s and Cartier.
Terms of the deal were not disclosed, but published reports peg the purchase price at $130 million. The deal is expected to be complete in 60 days.
Kevin R. Hackett, a partner at the law firm Sherman and Sterling, said his clients, the London-based Strategic Real Estate Advisors and New York-based Salcon Real Estate Advisors, signed the agreement to acquire the property from the current owners, Sogo Company and Kowa Real Estate Investment Company.
Hackett declined to divulge the identity of any individual investors, citing confidentiality agreements, and declined to discuss possible future plans for the area.
As reported, Badgley Mischka plans to open its first store on Rodeo this fall. Another tenant, Christian Dior, is expected to move from its current location at 230 North Rodeo Drive to a smaller location at 309 North Rodeo Drive in the fall. A Dior spokeswoman said the store’s lease was up and the move is unrelated to the sale.