The 74,000 square foot office building at 150 South Rodeo Drive in Beverly Hills traded hands this month for $42 million according to a Los Angeles Times article. Real estate investment trust Douglas Emmett, Inc. bought the property from New York City-based Brickman for $568 per square foot. Built in 1991, the office building was 75% leased at the time of purchase.
The $42 million price "is reflective of the location and the interest that a place like Beverly Hills commands today," said Marc D. Renard of Cushman & Wakefield, which arranged the sale. "There are only two institutional quality office buildings in the world that have a Rodeo Drive address, and this is one of them." Bruce Brickman, president of privately held Brickman, also cited the quality and location of the building, saying "We are very pleased with the results that Marc and his team achieved."
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