An entity tied to French billionaire Bernard Arnault, CEO of Louis Vuitton’s parent company, is buying a double-lot property on Rodeo Drive for about $250 million, The Real Deal has learned.
Sources close to the deal say it is currently in escrow, but hasn’t closed yet.
The two-story building, which spans 12,170 square feet on the ground floor and 10,100 square feet on the mezzanine level, first hit the market in May for $300 million.
At $250 million, the deal would pencil out to roughly 11,220 per square foot.
The property, found at 468 N. Rodeo Drive, has been in the hands of a family trust for over 50 years. Brooks Brothers, the nation’s oldest men’s clothier, had been leasing the double-lot for 15 years. It vacated last month.
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Bernard Arnault Buying Rodeo Drive Double-lot for $250 Million