(EDITOR’S NOTE: According to sources familiar with the transaction, the property sold for approximately $200 million.)
LOS ANGELES – JLL Capital Markets announced today that it has closed the sale of 360 North Rodeo Drive in Beverly Hills, California, on behalf of the Harkham Family. 360 North Rodeo Drive comprises a double lot on the 300 block of Rodeo Drive and is occupied by tenants, including Rolex, Patek Philippe, Ferrari and a former boutique hotel.
The sale is evidence that Rodeo Drive maintains its position as the most desirable real estate in the world. JLL utilized its position as one of the world’s leading intermediaries to procure offers from the most qualified buyers globally.
The JLL team representing the seller was led by Senior Managing Director Marc Schillinger and Executive Vice President Houman Mahboubi, whose extensive track record on Rodeo Drive includes the record price per-square-foot sale of 420 N Rodeo Drive, several hundred million dollars’ worth of financing, and record lease transactions that continue to surpass pre-covid numbers. The team also included Geoff Tranchina of JLL’s Retail Capital Markets and JLL Hotel & Hospitality’s John Strauss, Tony Muscio and James Stockdale.
The buyer was represented by Jay Luchs of Newmark.
“We were hired as advisors to explore all scenarios, sale, recapitalization, and holding with new leasing and financing in place. Ultimately the buyer demand was so compelling that the best outcome was a sale,” said Schillinger. “We were honored to represent the Harkham’s on this very significant transaction for their family.”
“Tenant demand is also surging, and Rodeo is on a trajectory to achieve $1,200-per-square-foot rents by 2025,” added Mahboubi.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
