Hugo Boss Ag

Real estate may be in the doldrums, but Rodeo Drive is still Rodeo Drive when it comes to property prices. The Hugo Boss building on Beverly Hills' famous shopping street has been purchased by Hong Kong-based investors for $28 million in one of the highest per-square-foot prices paid for commercial real estate since the recession began, the seller's broker said Wednesday. Rodeo Drive has such cachet that many high-profile retailers want to be there even if their rents are too high in some cases for them to turn a profit at that location, said broker Dave Feldman of Marcus & Millichap.