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The Real Deal Los Angeles

Bebe HQ sells to law firm after falling out of escrow

Elkins Kalt Weintraub Reuben Gartside paying $28.5M for Century City property
June 27, 2018 12:45PM

Law firm exec Keith Elkins and Scott Kalt

After a failed attempt to sell last year, Bebe Stores Inc. has agreed to unload its headquarters in Century City to a law firm.

Elkins Kalt Weintraub Reuben Gartside LLP agreed to pay $28.5 million for the 46,700-square-foot property at 10345 W. Olympic Boulevard, according to the Los Angeles Business Journal.

The sale comes nearly a year after Monday Properties fell out of its $35 million escrow on the property, The Real Deal previously reported.

The law firm will be relocating in early 2019 from the nearby Century Plaza Towers and moving into the Bebe property, which it plans to renovate.

Jeffrey Resnick and Andrew Gharibian of First Property brokered the deal.

Bebe paid $11.9 million for the building in 2004, according to records.

Like many retailers nationwide, the women’s fashion brand has been struggling to keep up amid the wave of online shopping. Last year, the company announced it would be closing all 168 of its stores as it pivots to focus on e-commerce. It also unloaded a distribution center in Benicia last year for $22 million.

In July Bebe attempted to sell its headquarters, built in 1989, to New York-based Monday Properties for $35 million, or $750 per square foot, in July. The deal fell out of escrow in October after the firm failed to come to terms with Bebe. [LABJ] – Natalie Hoberman