Iconic Gucci Building on Rodeo Drive Sold to Investor
Colliers Sells Beverly Hills Landmark to a Global Investor
An undisclosed global investor has acquired the iconic Gucci Building on Rodeo Drive in Beverly Hills, officials with Colliers International have announced. Financial terms were not disclosed.
A team comprised of Stephen K. Algermissen of Colliers International and Kazuko Morgan of Cushman & Wakefield represented the seller, an entity associated with The Festival Companies, a Los Angele-based premier retail developer, investor and real estate advisory firm.
“Gucci is one of Rodeo Drive’s most enduring brands and this extraordinary flagship store has had a presence on Rodeo Drive since the 1970’s,” said Colliers’ Algermissen, who represented the building’s investor-owner. “Rodeo Drive continues to be among the top luxury retail locations in the world and has seen an extraordinary number of new tenants and remodels over the past few years.”
Recent new arrivals along the world-famous drive include Burberry, Vera Wang and a Louis Vuitton Men’s Store, noted Algermissen.
"This transaction represents a rare opportunity and validates the commanding market position of Rodeo Drive as one of the most desirable urban luxury retail locations in the United States,” added Cushman & Wakefield’s Morgan.
In addition to Colliers’ Algermissen and Cushman & Wakefield’s Morgan, Newmark Grubb Knight Frank’s Jay Luchs also participated in the transaction.
Founded in 1980, The Festival Companies is recognized nationwide as a respected innovator of urban in-fill shopping center redevelopment and ground-up development, transforming real estate into quality retail destinations that suit their unique locations and demographics. It has a diverse mix of retail holdings in major cities throughout the U.S.