Axel Dumas Of Hermès Acquires Retail Property At 338 North Rodeo Drive For $400M

The retail asset located at 338 North Rodeo Drive in Beverly Hills was sold for $400,000,000. This property spans 25,000 square feet and reflects a price per square foot of $16,000. The site is currently leased to luxury brands including Tom Ford, Moncler, and Balenciaga, indicating a trend among high-end retailers to invest in prime real estate as market conditions change.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $400,000,000
• Address: 338 North Rodeo Drive
• Market: Beverly Hills
• Square Footage: 25,000
• Price per Square Foot: $16,000
• Buyer: Axel Dumas - Hermès
• Seller: Ronan McNamee - ECA Capital Limited
• Broker: Jay Luchs - Newmark

The buyer, Axel Dumas representing Hermès, acquired the property, marking a new record for a single-property sale on Rodeo Drive. The transaction signifies ECA Capital Limited's sale of the site, which was previously purchased in 2007 for $81.5 million. This deal underscores the evolving dynamics of luxury retail in a competitive market.