Rodeo Drive Buyer Demand Sets Record Sale Price

A recent record sale is evidence that Rodeo Drive in Beverly Hills maintains its position as the most desirable real estate in the world. The subject property of this sale is 360 North Rodeo Dr., which recently sold for $200 million, according to public records. The property 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, Luxe.

JLL procured offers from the most qualified international buyers. The JLL team representing the seller, the Harkham Family, was led by Marc Schillinger and Houman Mahboubi. The team also included Geoff Tranchina of JLL’s retail capital markets, and JLL hotel and hospitality’s John Strauss, Tony Muscio and James Stockdale.

“We were hired as advisers 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 Harkhams on this very significant transaction for their family.”

Schillinger and Mahboubi’s extensive track record on Rodeo Drive includes the record price per-square-foot sale of 420 N. Rodeo Dr., several hundred million dollars’ worth of financing and record lease transactions that continue to surpass pre-COVID numbers.

“Tenant demand is also surging, and Rodeo is on a trajectory to achieve $1,200-per-square-foot rents by 2025,” added Mahboubi.

The undisclosed buyer was represented by Jay Luchs of Newmark.