LOS ANGELES--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of an iconic high-street retail building that houses Bijan on Rodeo Drive.
HFF exclusively marketed the property on behalf of a confidential seller. A confidential investor purchased the asset all cash in a transaction.
The property is fully occupied by Bijan, a world-class fashion house that was founded in 1976 and caters on an appointment-only basis to the ultra-high-net-worth international community, drawing customers from the United States, Asia, Europe, Africa, South America and the Middle East. Bijan has successfully operated at the subject property for more than 40 years and is the longest-standing privately-owned designer house on Rodeo Drive.
Situated at 420 North Rodeo Drive, the Bijan building is one of the most-recognizable storefronts in retail. The renowned yellow Rolls-Royce Phantom and the yellow and black Bugatti Veyron (both Bijan limited editions) match the building’s façade and interior and have long been hallmarks of the internationally-acclaimed custom clothier and its late founder, Bijan Pakzad.
The HFF team was led by Marc Schillinger, Bryan Ley and Bill Fishel.
"We are thrilled with the record pricing we were able to achieve on our client's behalf," Schillinger said. "By leveraging our national platform and dedicated expertise across our primary business lines – debt, investment sales and equity placement – we evaluated multiple options in an extraordinarily tight timeframe and, ultimately, delivered the best outcome for our client."
HFF has been extremely active in the Los Angeles area in 2016. The sale of the Bijan building comes on the heels of the HFF-brokered sale of Runway Playa Vista, as well as high-street retail transactions on Melrose Avenue and Melrose Place, adding to the more than 4.7 million square feet of retail space that HFF has transacted on so far this year in the greater Los Angeles area.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.