Crown Equity partnership sells Rodeo Drive building for $122M
Price for Alexander McQueen-occupied retail site is 20% more than previous purchase
Crown Equity and Ascendent Capital Partners has sold its Rodeo Drive property for $122 million, about 20 percent more than they paid for the storefronts, The Real Deal has learned.
The duo sold the 11,600-square-foot property at 457-459 North Rodeo Drive in Beverly Hills in a deal that closed last week. The purchase is pegged at about $10,500 a foot.
The buyer is a European investor.
Michael Shabani’s Crown and Russell Gimelstob’s Ascendent paid $96 million in September 2018 for the property, which is leased to fashion houses Alexander McQueen and Brioni. tenant.
Jay Luchs, vice chairman of Newmark and the broker on the deal, confirmed an agreement is in place, but declined to identify the buyer. Brioni is set to vacate its 3,500-square-foot lease, Luchs said.
Messages left with Crown and Ascendent were not returned.
Luchs called the sale “a very positive sign” for the swanky retail strip amid the pandemic. Many stores on Rodeo Drive that had been closed for months have reopened or are now opening.
LVMH has filed plans with the city of Beverly Hills to open an ultra-luxury hotel, the Cheval Blanc, across the street from the property. The 115-room hotel is scheduled to open in 2025.