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JLL secures lease for company's first California location
LOS ANGELES, Feb. 7, 2018 – Confirming its status as one of the most revered and coveted retail locales in, not only the United States, but also the world, JLL announced today that it has signed a lease with international fragrance company Creed for a flagship boutique at the iconic 9533 Brighton Way building in Beverly Hills. Located on the corner of Brighton Way and Camden Drive, between Rodeo Drive and Camden, this will be Creed's first California location. Other locations include in New York, Las Vegas, Miami, Paris, London, Dubai and Kuwait.
Originally built in the 1930s, the brick facade, arched windows, ivy walls and Spanish tile make 9533 Brighton Way an architectural landmark in Beverly Hills. Occupying the corner suite of 566 square feet, Creed will join some of the world's premier retail brands in the building including Isaia, Berluti and Vhernier.
JLL's Houman Mahboubi and Devin Klein secured the deal for the landlord.
"The Beverly Hills Triangle is a retail area where very few spaces become available because of its iconic location and consumer profile," said Mahboubi. "We were looking to fill this space with a retailer that fits the demographic and complements the surrounding area. Creed is that perfect tenant with its 250 year international history and reputation with consumers as one of the highest quality retailers in the world."
According to the JLL City Retail Report, having a store on Rodeo Drive, the heart of the Beverly Hills Triangle, has long been a staple of luxury brands' marketing strategies. Retailers like Balenciaga, Bally, Burberry, Chanel and Hermes all maintain flagships along Rodeo, boasting the cache of the high profile address. The value of the Rodeo Drive and Beverly Hills brand was further solidified a few years ago with the sale of the Chanel building at Rodeo Drive and Brighton Way for $13,000 per square foot. That set the high-water mark for California retail until two years ago when the House of Bijan traded for $19,000 per square foot, a $122 million price tag for the property just steps away from Chanel.
JLL is the largest third party retail property manager in the United States with more than 1,300 centers, totaling 131 million square feet under management, lease and sale. The firm has more than 150 retail brokerage experts spanning 35 markets, representing over 1,300 retail clients. In 2016, JLL's retail team completed 1,200+ leases on transaction management and lease renewals, generated $65.3 million in savings to clients through restructuring services, negotiated 950+ leases for retailers and 1,200+ leases for landlords and completed more than $5.4 billion of investment sales, dispositions and financing for investors. For more news, videos and research from JLL's retail team, please visit: www.jllretail.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com
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