One of the last boutique Beverly Hills buildings from the 1920s just sold for $11.75 million, or a whopping $1,000 per square foot, reports the LA Times. The Marian Building at Little Santa Monica Boulevard and Beverly Drive was sold by a San Francisco company that part-owns the Giants to Behruz "Bruce" Gabbaia, a local Beverly Hills businessman. Built in 1928 by Warner Bros. rainmaker Jack Warner, the Marian started as the home of the Beverly Hills Chamber of Commerce; it opened before City Hall or even a post office was erected in Bev Hills. Multiple bidders tried to get their hands on the 11,000-square-foot property, but Gabbaia walked away with it after paying one of the highest prices per square foot in recent memory. The bottom-floor retail is currently empty--upstairs is offices--but a "well-known" restaurant is on the way.
· 1928 commercial building in Beverly Hills fetches $11.75 million [LA Times]