Monday Properties in contract to buy Bebe studio for $35M: sources

Jul.July 19, 2017 05:30 PM
Bebe’s Los Angeles design studio, Founder Manny Mashouf (Google Maps/Getty Image)

Bebe Stores Inc. is leaving the drawing board behind. 

The retailer entered an agreement to sell its three-story Century City design studio for $35 million, or $750 per square foot, according to a Securities and Exchange Commission filing.

The buyer of the studio at 10345 W. Olympic Boulevard is Monday Properties, said sources with knowledge of the deal, which is expected to close in mid-August. Its plans for the site are unknown.

Bebe has the option to lease back up to 12,000 square feet of space at the 46,685-square-foot building for up to four months after the deal closes, according to the filing.

Monday Properties, a landlord and investment firm based in New York, opened an L.A. office in February. It tapped Philip Cyburt, the former CEO of Laurus Corp., to head its West Coast expansion. The deal marks Monday’s first L.A. holding.

The studio sale comes on the heels of other dispositions. Bebe announced in April that it would shutter all its stores and focus on e-commerce. It has since unloaded its distribution center in Benicia, which sold last month for $22 million. The once-trendy clothing brand also reached a deal with landlords to close its all its U.S. stores at a cost of $65 million, according to Women’s Wear Daily.

Last month, Global Brands Group announced it would relaunch Bebe’s online store and named Nathan Jenden as creative director. The company will still operate stores outside of the U.S. and build its wholesale business.

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