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Proving that Rodeo Drive hasn't lost its mojo during the downturn, the Hugo Boss building has been offloaded for $28 million—one of the highest per-square-foot commercial real estate sales since the recession began. According to the LA Times, it was sold by Spanish porcelain maker Lladro to a Hong Kong-based corporation called Allied Golden, who are making their first foray into Southern California with this purchase. Hugo Boss will remain a tenant in the space, which has recently undergone $3 million in improvements. Interestingly enough, the Times reports there are only four vacant storefronts on Rodeo Drive currently, and that it's managed to weather the recession better than luxury shopping streets in other cities because of its walkability and the fact that many retailers "signed long-term leases before the recession began". Plus, with a name that's become a luxury brand in itself, we have a feeling Rodeo Drive will never fall out of fashion.
· Rodeo Drive building sells for $2,471 per square foot, or $28 million [LA Times]