Rodeo Drive’s most expensive real estate deal in decades now has a buyer revealed.
Hermès has emerged as the purchaser of two adjoining properties on Los Angeles’ Rodeo Drive, ending months of speculation about who was behind the acquisition.
The properties were acquired last summer for $400 million, according to the Wall Street Journal. While the sale and price were reported at the time, the buyer’s identity was not disclosed.
According to real estate firm CBRE, the transaction marks the most pricey real estate acquisition in Beverly Hills since the early 2000s.
The French luxury house purchased the storefronts occupied by Tom Ford, Moncler and Balenciaga. It remains unclear how Hermès plans to use the approximately 25,000-square-foot property at 338 North Rodeo Dr.
“What you see now on Rodeo Drive is not only a commitment by the luxury brands that are able to buy their real estate, but you’re seeing the buildings get much bigger,” Jay Luchs, a vice chairman at Newmark, who brokered the deal, told the Journal.
But don’t expect to go shopping just yet. Current tenants’ leases remain in place for several more years. Hermès’ current store on Rodeo Drive is located a few storefronts away.
Beyond retail, Rodeo Drive has long held significant importance in Hollywood, serving as a filming location for movies such as Pretty Woman, Beverly Hills Cop, Clueless, The Princess Diaries and Sex and the City, among others.
In 2024, The Hollywood Reporter reported that Michael Kors returned to Rodeo Drive after a nearly four-year hiatus. “We have a lot of customers in the Los Angeles area, and when you are talking about glamour, luxury and sophistication, you automatically think Beverly Hills, and at the very center of that is Rodeo Drive,” Kors shared with THR at the time.
Read the full article here
