There has been a reshuffling on Rodeo Drive.
Luxury goods company Richemont signed a lease at a store that Guess is vacating for a spot one block away, The Real Deal has learned.
Cartier, which is under the Richemont brand, is expected to temporarily occupy the 8,900-square-foot space at 411 N. Rodeo Drive in Beverly Hills, sources said.
The luxury watch and jewelry company will fill the space while renovations are completed at its 9,650-square-foot store at 370 N. Rodeo Drive, sources said. Cartier paid $20 million for the building in 2000, records show.
Swiss-based Richemont — whose brands also include Net-A-Porter and Van Cleef & Arpels — signed its long-term deal with landlord Rodeo Drive Associates. Led by Mark Tronstein, Rodeo Drive Associates could not be reached for comment. Richemont did not comment.
Guess will sublease an 8,000-square-foot store at 320 N. Beverly Drive. JLL brokered the Guess deal on behalf of lease-holder Nespresso. The luxury coffee brand moved out earlier this year and into a smaller store down the street.
Richemont’s lease is one of the few new deals inked on Rodeo in recent months, though a handful of properties are available for lease, said Newmark’s Jay Luchs.
Last November Crown Equity and Ascendent Capital Partners sold their property at 457-459 North Rodeo Drive for $122 million. That was about 20 percent more than they paid for the storefronts, which totaled 11,600 square feet.