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The Rich. The sale price makes the deal “considerably ritzier” than Chanel’s purchase of its Rodeo store last year for $152 million, or $13,217 a square foot – then a retail record per square foot for California, said the Los Angeles Business Journal. The sale to LVMH is the latest high-profile deal on the Beverly Hills shopping street, which is home to luxury retailers such as Gucci and Prada. Louis Vuitton already has a store near the 6,287-square-foot Bijan building it purchased at 420 N. Rodeo Drive, the Los Angeles Times said. Rodeo Drive ranks second among the most expensive U.S. retail destinations, trailing only upper Fifth Avenue in Manhattan, according to Cushman & Wakefield. The property is fully occupied by Bijan, a world-class fashion house founded in 1976 by the late Iranian-American designer Bijan Pakzad. The exclusive boutique caters to the ultra-high-net-worth international shoppers by appointment-only. Bijan has successfully operated at the property for more than 40 years and is the longest-standing privately-owned designer house on 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. Born in Tehran in 1940, Bijan migrated to Los Angeles in 1973. His exclusive boutique on Rodeo Drive has been described as “the most expensive store in the world.” Among his clients, Bijan claimed to count five U.S. Presidents – both George Bush and his son, Barack Obama, Ronald Reagan, and Bill Clinton – and other world leaders such as Vladimir Putin, Tony Blair, and King Juan Carlos of Spain. He also dressed other fashion designers, such as Oscar de la Renta, Tom Ford, and Giorgio Armani, and high-profile Hollywood celebrities including actors Tom Cruise and Anthony Hopkins, as well as Walt Disney’s chairman and CEO Michael Eisner. Bijan’s fragrances for both men and women are known for their distinctive circular glass flacon with an open center and a dividing web. When half full, the fragrance fills two separate chambers, seemingly defying the law of gravity that liquid seeks its own level. One of these perfume bottles is featured in the permanent exhibit of the Smithsonian Institution. According to the 2001 Los Angeles Times Calendar Section, the Bijan Perfume and Fashion Business has brought in an estimated $3.2 billion in sales worldwide. Bijan has been married twice. His first wife was Sigi Pakzad, a Swiss-German whom he met while living in Europe in the 1960s. They had one daughter, Daniela Pakzad, and divorced when she was 17. His second wife was Irish-Japanese interior designer and model Tracy Hayakawa. They married in 1986 and divorced in 1995. They had two children together, Nicolas Bijan and Alexandra. She later remarried businessman David H. Murdock. In April 2011, Bijan suffered a stroke, which required emergency brain surgery, but never recovered and died two days later in Los Angeles. The House of Bijan lived on however, without losing its appeal. Holliday Fenoglio Fowler LP (HFF), a unit of HFF Inc. (NYSE: HF), represented the property sellers, reportedly Brooks Caddell Barton Trust and Dominium Management Corp. Dominium is one of the largest and fastest-growing affordable housing owners in the U.S. Brooks Cadell Barton, who died in 2013, was a senior executive at Coldwell Banker International Real Estate and Home Savings of America, after serving as managing publisher of the Hollywood Reporter. He then left the corporate world to become a shaman and spiritual teacher, opening a retreat in Ojai, Calif., and a school called Art of God. 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. 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.]]>