Thursday, September 20, 2007

A Tiffany's box -- at $2,175 per square foot

That is a hefty number by anyone's definition. Reports from indicate that Two Rodeo Drive in Beverly Hills was sold to an Irish partnership for $275,000,000, or just about $2,175 per square foot. And you just don't get the blue box -- Versace, Damiana, Gucci and Porsche Design are thrown in as well. Of course, even though I have done some deals in Michigan Avenue in Chicago, the rents on Rodeo are so sky-high that I am getting a nosebleed just writing about this.