The law firm of Elkins Kalt Weintraub Reuben Gartside is the buyer of Bebe Stores Inc.’s design studio at 10345 W. Olympic Blvd in Century City.
The firm paid $28.5 million, or about $610 per square foot, for the three-story, 47,000-square-foot property, according to sources with knowledge of the deal.
Elkins plans some renovation on the 29-year-old building before it moves there from the nearby Century Plaza Towers during the first half of 2019, sources said.
The deal between the law firm and the women’s clothing brand closed on May 21, according to sources.
Jeffrey Resnick, president and co-owner of First Property Realty Corp. of Beverly Hills, and Andrew Gharibian, an associate at First Property, represented both sides on the deal, sources said.
Scott Kalt, a partner at the Elkins Kalt law firm, declined to comment when reached by telephone on Tuesday. A phone message to BeBe Stores was not immediately returned.
Brisbane, Calif.-based Bebe Stores bought the property in 2004 for $11.9 million, or $252 per square foot, according to CoStar Group Inc.
Bebe Stores last year reached an agreement to sell the property for $35 million or $750 per square foot to Monday Properties, a New York-based real estate investment firm, but the deal fell through.
Bebe announced last year that it would close all 168 of its stores to focus on e-commerce. Around 700 employees were laid off as part of the restructuring.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.