DONE DEAL: The Rodeo Drive building housing what’s often been referred to as the most expensive store in the world may have gone for one of the most expensive price tags on the street.
The 6,287-square-foot space at 420 North Rodeo Drive, housing the by-appointment showroom Bijan, has been sold to an undisclosed buyer in an all-cash deal.
The seller, also undisclosed, was represented by Marc Schillinger, Bryan Ley and Bill Fishel of brokerage firm Holliday Fenoglio Fowler LP. Both buyer and seller are described as consisting of high-net-worth individuals.
The building, sandwiched between Vera Wang and Hugo Boss, is as well known as the tenant within its walls, standing out on the street with its bright yellow facade and the flashy, limited-edition Rolls-Royce Phantom and yellow and black Bugatti Veyron often parked out front.
The purchase price isn’t being disclosed, but is said to be significantly higher than last year’s eyebrow-raising acquisition of 400 North Rodeo Drive by Chanel. The prime space, located at the corner of Brighton Way and Rodeo Drive and currently occupied by the luxury house, went for a reported $152 million. That equates to about $13,000 a square foot. It is said the Bijan deal could come out in the top five ranking of deals nationally.
Bijan, the current leaseholder, is expected to remain in the property. The company, which was founded in 1976 by designer Bijan Pakzad, began designing men’s apparel and accessories collections. The company expanded with Bijan Fragrance in 1987 and in 2010 forged a designer collaboration with Rolls-Royce and Bugatti.