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 ...