Rodeo Drive Retail Space Goes for $20m
Two New York–based real estate companies have purchased a key Rodeo Drive property for $20 million, according to real estate executives.
Giorgio and BCBGMaxAzria currently occupy the 7,500-square-foot property at 325–329 N. Rodeo Drive in Beverly Hills. The space is near Gucci, Christian Dior, Salvatore Ferragamo and Harry Winston.
Metropole Realty Advisors Inc., headed by Robert A. Siegel, and Heller Properties, run by Marvin Heller, purchased the property from Rodeo Properties LLC, said a representative of Beverly Hills–based real estate firm Dembo & Associates.
BCBG’s and Giorgio’s leases will expire next January, and their spaces will be taken over by New York leather products maker Coach Inc. and Swiss watchmaker Omega, said a Dembo spokesperson.
This is the first entry into the West Coast market for the joint venture. Siegel, a former advisor to Donald Trump, said the company plans to scout more opportunities in luxury markets on both coasts.
“We intend to purchase additional properties in leading luxury retail destinations of the U.S., including New York City, Chicago, Boston, Palm Beach, Beverly Hills and San Francisco,” Siegel said. “Such locations are vital to luxury retailers’ branding—providing long-term growth that remains stable throughout economic cycles.”
Siegel’s past projects include the New York–based LVMHTower, occupied by Christian Dior. Heller Properties’ portfolio includes the Talbots and Hermegrave;s flagship stores on Madison Avenue in New York. —R.M.
