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Article: Japanese firms pay record price in property deal. (Kowa Real Estate Investment Company Ltd., Sogo Company Ltd.) (retail commercial property in Beverly Hills, CA)
- Article from:
- Los Angeles Business Journal
- Article date:
- June 4, 1990
- Author:
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Copyright informationCOPYRIGHT 1990 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Japanese firms pay record price in property deal
Two Japanese conglomerates have agreed to pay what is apparently the highest price ever for a major commercial property in Los Angeles County, the Business Journal has learned.
Kowa Real Estate Investment Co. and Sogo Co. Ltd. will plunk down well in excess of $200 million for the still-abuilding, 135,000-square-foot Two Rodeo Drive retail complex in Beverly Hills. The price tag translates to more than $1,500 a square foot.
By comparison, Fox Plaza in Century City sold for $422 a square foot last year, although office projects generally sell for much less than retail projects.
For example, tenants moving into Two ...
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