Ashkenazy Paid Just $50M for Beverly Hills Neiman Marcus
Ashkenazy also secured $39M in construction financing from Arcus Ventures.
By Nick Trombola January 13, 2026 3:05 pm
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Ben Ashkenazy’s investment firm paid just $50 million for a two-block parcel in Beverly Hills, in a deal that reportedly positions him as the largest owner of luxury retail space in the famed enclave.
New York City-based Ashkenazy Acquisition announced in late December that it had purchased the roughly 184,000-square-foot Neiman Marcus building at 9700 Wilshire Boulevard, from Neiman’s parent company Saks Global, according to PropertyShark records. The deal brings Ashkenazy’s holdings in Beverly Hills to some 350,000 square feet, per the firm.
Representatives for both Ashkenazy and Saks Global did not immediately respond to separate requests for comment. Yet a spokesperson for the seller told the L.A. Times in December that the company had opted to sell the land beneath the Neiman Marcus property and strike a long-term lease with the buyer. Details about the lease were not disclosed.
Neither party disclosed the sales price at the time, though The Real Deal first reported the dollar figure. Ashkenazy also landed a $39 million construction loan from Arcus Ventures tied to the property, records show, though it wasn’t immediately clear how Ashkenazy plans to use the funds. Newmark’s Jay Luchs helped arrange the deal.
“Ashkenazy continues to demonstrate an uncanny ability to close on iconic assets with unparalleled speed,” Luchs said in a December statement. The deal closed within just seven days, per a source familiar with the proceedings.
The sale price — which amounts to about $272 per square foot — is low when compared to recent investment sales in Beverly Hills. For example, One Cole Group paid $3,524 per square foot for the two retail buildings along Beverly Drive.
Saks Global, which also owns brands such as Saks Fifth Avenue and Bergdorf Goodman, is reportedly close to bankruptcy after missing a $100 million interest payment in December directly tied to its $2.7 billion acquisition of Neiman Marcus in 2024. The company financed the acquisition via $2.2 billion in senior secured notes, according to reports at the time.
Ashkenazy also owns the former Barneys New York building, now occupied by Saks Fifth Avenue, at 9570 Wilshire Boulevard, as well as the Beverly Connection mall. Alongside the Neiman Marcus deal, Ashkenazy claims to be the largest owner of premier retail space in Beverly Hills.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
