Do over: Bebe HQ in Century City listed after falling out of escrow

Monday Properties was in contract to buy the site for $35M

Oct.October 04, 2017 05:30 PM
Bebe’s Los Angeles design studio, Founder Manny Mashouf (Google Maps/Getty Image)

The three-story property at 10345 W. Olympic Boulevard – owned by Bebe Stores Inc. for 13 years – is up for grabs (again), The Real Deal has learned.

Monday Properties entered a contract to buy the 46,700-square-foot building in Century City for $35 million in an off-market transaction in July. The investment firm has since fallen out of the deal after failing to come to terms with the seller, Bebe, according to Andrew Gharibian of Beverly Hills-based First Property, who, along with the brokerage’s founder Jeffrey Resnick, has the listing.

New York-based Monday Properties unsuccessfully attempted to extend the contract’s due diligence period and renegotiate the selling price, causing Bebe to say “bye bye,” a source said. A Bebe representative confirmed Monday that the property is no longer in escrow, and that “for sale” signs were posted on the property this week.

When asked to comment, Philip Cyburt, the managing partner heading Monday Properties’ West Coast expansion, said his company is still involved with the property.

Monday’s deal was expected to close in August. The corporate space is now listed without an asking price, but Gharibian expects a similar price point.

Fashion retailer Bebe paid a mere $4.6 million for the property in 2004, property records show. Previously, it served as the headquarter office space for American Express, Gharibian said.

The sale of the studio comes on the heels of Bebe’s departure from its traditional brick-and-mortar stores as it focuses on e-commerce. It sold its distribution center in Benicia for $22 million in June, and closed a deal with landlords to close all U.S. stores for $65 million.

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