Bijan’s yellow store on Rodeo Drive just sold for what the seller’s brokers are describing as a record value per square foot, hitting above last year’s sale of the Chanel building on Rodeo. That site sold for $13,217 a square foot, or $152 million.
“It tops the Chanel deal,” said Bryan Ley of Holliday Fenoglio Fowler, who represented the seller along with Marc Schillinger and Bill Fishel. Ley said he could not disclose the price or the buyer. The 5,000 square foot site sold for at least $67 million given the Chanel rate.
“It’s probably one of the most iconic buildings on Rodeo Drive, on one of the best blocks,” he said. “You’re surrounded by other great names like Chanel, Hermes, and Hugo Boss. All buyers of high street are targeting the best streets in America, and this is one of them.”
Bijan has sold exclusively priced menswear out of the Rodeo shop for about about 40 years, and is marked by the yellow Rolls Royce and Bugatti often parked outside.
Houman Mahboubi, a broker at Jones Lang LaSalle who specializes in the Beverly Hills market but was not involved with the sale, said such Rodeo properties rarely sell, thus increasing their value.
“The value only goes up,” he said. “If it really were a record deal, I would not be surprised.”