Interior of House of Bijan flagship on Rodeo Drive. Image via houseofbijan.com.
Record For Rodeo Real Estate
The House of Bijan building, located at 420 N. Rodeo Dr. in Beverly Hills, Calif., was purchased for $122 million recently, according to a property records search conducted by Los Angeles Times. Paris-headquartered luxury conglomerate LVMH purchased the building which is located by the Vera Wang flagship. According to an Aug. 27 Times story, it is the highest sum paid for building on the luxe shopping district.
Jay Luchs, a real estate executive who has made deals on Rodeo for more than a decade, said that an LVMH brand will probably take up residence into the 5,000-square-foot building sometime in the future. “The natural move is that they take the space and build a bigger building,” Luchs said. He is an executive vice president with Newmark Grubb Knight Frank. Word on the street says that House of Bijan will continue to do well. But the established brand does not necessarily need to be on Rodeo to continue to connect with its many customers. However, a Rodeo presence is anticipated for the brand.
