Two Rodeo Drive
This is an internationally recognized landmark property in one of the world’s most desired retail locations, Beverly Hills, California. The property contains 130,446 square feet of rentable area and four levels of underground parking. Located at the intersection of Southern California’s most recognized thoroughfares, Rodeo Drive and Wilshire Boulevard, this property dominates the Rodeo Drive retail area. No other single property in the United States has Two Rodeo’s concentration of high quality retail tenants, which includes Tiffany & Co., Versace, Gucci, Gianfranco Ferre and Badgley Mischka. The property was purchased by Falcon in August 2000 at a price of $143 million. It was then necessary to carry out an extensive re-positioning and re-leasing program to bring the property up to the highest quality retail standards. In connection with this program Tiffany, which is considered the anchor tenant of the center, signed a new long-term lease on its main store running through 2019, and many new tenants were brought into the center on leases of ten to fifteen years duration. The property was sold in August 2007 at a price of $275 million for an Internal Rate of Return of 15.8%.