Armani Building Sold in Beverly Hills

Armani Building Sold in Beverly Hills

Commercial News » Done Deals | By WPC Deals Team | May 1, 2013 5:52 PM ET

New York-based Jenel Management has purchased the Beverly Hills offices of Giorgio Armani from GLL Real Estate Partners, a Munich-based fund.

No sale price was disclosed for the 18,205-square-foot retail and office building at 9533 Brighton Way, which occupies one of the largest storefronts in Beverly Hills, spanning more than a half-city block. 

Originally built in 1930, the building underwent renovations in 1991 and 2001, according to a statement from Jones Lang LaSalle, which handled the transaction.

The building is fully leased to Giorgio Armani.

"The building possesses significant upside potential through increased rents to a level more in line with today's market rates," JLL managing director Michael Zietsman said in a statement. "It is also well positioned to return to multi-tenant occupancy, should Armani decide not to renew."

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