Gucci building sells for more than $40 million

The three-story Gucci building on Rodeo Drive in Beverly Hills has been sold for more than $40 million to Festival Cos. and Goldman Sachs Group Inc.

At more than $3,000 per square foot, the price was one of the highest ever paid for a multistory building on Rodeo Drive, said Steve Algermissen of Cushman & Wakefield, who represented seller Friedman Equities.

Roger Vincent