Michael Shabani and the property (Credit: WireImage/Getty Images)
Crown Equity, a real estate investment company owned by Michael Shabani, is buying two storefronts on Beverly Hills’ Rodeo Drive for around $100 million, The Real Deal has learned.
Sources close to the deal, which pegs out to roughly $8,600 per square foot, say it is currently in escrow, and expected to close next month.
The 11,600-square-foot property, at 457-459 N. Rodeo Drive, is currently leased to fashion houses Alexander McQueen and Brioni.
An entity named Lang & Lang Properties is selling the property, deed records show. The LLC is a family trust controlled by Kathryn Lang, a Corona del Mar resident.
It’s unclear how much the Langs paid for the property, which has remained in the family since at least 2008.
Carine Mamann and Kazuko Morgan of Cushman & Wakefield represented the buyer. Bruce Dembo had the listing. Both declined to comment.
Crown Equity is a privately held real estate investment and development firm based in Beverly Hills. The firm also owns the recently renovated building at 8840 Beverly Boulevard in West Hollywood, which was recently leased to furniture showroom Luminaire.
At about $8,600 a foot, the purchase would rank among the more expensive trades in the Platinum Triangle. Yet the high-end streets of Rodeo are no stranger to high price tags.
Earlier this year, a two-story property leased by Brooks Brothers, which is just a few steps away, hit the market at $300 million, or $13,480 per square foot. That still wouldn’t break the record, set when Louis Vuitton’s parent company paid more than $19,400 per square foot for its store at 420 N. Rodeo Drive in 2016. The company then bought another one-story building this year for $110 million.
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