Harkham Sells Former Luxe Rodeo Drive Hotel
The site includes a double lot with the shuttered hotel and operating retailers like Rolex, Patek Philippe and Ferrari
By Greg Cornfield December 15, 2021 8:50 pm
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This is a big price tag, even for Rodeo Drive.
The Harkham family sold the closed Luxe Rodeo Drive Hotel and its existing high-end retail shops in Beverly Hills. Sources familiar with the sale told Commercial Observer that the property sold for $200 million.
Hotelier Efrem Harkham acquired the property at 360 North Rodeo Drive in 1995. Current tenants include Rolex, Patek Philippe and Ferrari. The Luxe closed more than a year ago due to financial troubles caused by the coronavirus shutdowns.
JLL (JLL) Capital Markets announced the sale and represented Harkham, but declined to disclose the sale price and the name of the buyer. JLL’s Marc Schillinger, Houman Mahboubi, Geoff Tranchina, John Strauss, Tony Muscio and James Stockdale represented the seller. Newmark (NMRK)’s Jay Luchs represented the buyer, but he also declined to disclose the name or additional details.
“Ultimately the buyer demand was so compelling that the best outcome was a sale,” Schillinger said in a press release.
Mahboubi added that tenant demand is surging, and Rodeo Drive is on a “trajectory to achieve $1,200-per-square-foot rents by 2025.”
The last big deal on Rodeo Drive was one of the highest retail trades for Los Angeles County in 2020. Crown Equity and Ascendent Capital Partners sold the property at 457 North Rodeo Drive for $122 million.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
