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.
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.
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.
