July 13, 2025 Breaking News, Latest News, and Videos

Third Street Promenade Rents Surpass High-End Beverly Hills Locations:

For Robert Cohen and Rachel Rosenberg, the Third Street Promenade is undergoing a resurgence with some retail rents now passing the $300 a square foot benchmark – an amount that far surpasses many high-end streets in Beverly Hills.

The pair head the Southern California office of RKF, a leading urban retail real estate services firm in the country, with more than $20 billion of combined retail leasing and sales transactions.

Both Rosenberg and Cohen are based in Santa Monica and are responsible for not only major retail deal activity on the Promenade and elsewhere, but are involved in the business community of the city.

Cohen is principally known for his knowledge and deal activity in high-street fashion and retail whereas Rosenberg’s expertise is in restaurant strategic development and roll-outs.

Cohen said the Third Street Promenade continues to be a standout location for retailers in Los Angeles.

“It’s one of our best urban markets,” Cohen said. “The Bayside district is filling out, which is great. It’s a trend we are seeing across LA where the peripheral markets are starting to come back. People are reinvesting capital.”

Cohen said there’s a great story to be told for the Promenade where the lion’s share of foot traffic and sales take place.

However, he said redevelopment projects in downtown Santa Monica translate to a lot more potential retail activity near and around the Promenade on 2nd Street, 4th Street, Arizona, Broadway, and Santa Monica Boulevard.

“It’s a very exciting time,” he said. “As the Promenade is only three blocks, most retailers will only look at two blocks – the 1300 block and 1400 block, which creates a lot of upward price pressure. This being said, there are some very good values on the 1200 block.”

Rosenberg said the Promenade has seen a resurgence, particularly in the past 12 months.

“Landlords are aware that the ball is back in their court,” Rosenberg said. “Rent on the 1400 block has surpassed the $300 mark. This is a first for this district. These rents surpass some of the high streets in Beverly Hills.”

Rosenberg said Ocean Avenue has also made a major comeback.

“Ocean Avenue was kind of left for dead for a couple of years,” she said. “Now there are several projects planned which include adding more restaurants, residential units and hotel product, all of which will round out the district.”

RKF has signed leases on the Promenade on behalf of Apple, Chipotle Mexican Grill, Steak n’ Shake, H&M, MAC Cosmetics, Club Monaco, Athleta, Madewell, and ShopHouse Southeast Asian Kitchen.

The company has also acted as consultants to landlords for renewals.

Cohen helped with the relocation of the Apple store from the 1200 block to the 1400 block of the Promenade.

Cohen said the 1400 block was always a strong block, but Apple’s relocation was a validation of that fact.

in News
<>Related Posts

County Health Leaders Decry Federal Policy Barring Undocumented from Programs

July 12, 2025

July 12, 2025

The officials argued the policy jeopardizes care for all residents, noting it could deter people—regardless of status—from seeking treatment  Leaders...

County Supervisors Move to Preserve Measure J Amid Charter Error

July 12, 2025

July 12, 2025

Measure J mandates that at least 10% of the county’s locally generated, unrestricted funds be allocated to community investments like...

LA Medical Center Seeks Help Identifying Unconscious Patient

July 12, 2025

July 12, 2025

He has been unconscious since admission, and staff have been unable to determine his identity Los Angeles General Medical Center,...

Mayor Bass Issues Directive to Protect Immigrant Communities

July 12, 2025

July 12, 2025

The order expands access to city resources for affected families and requests records from ICE, including details on arrests Mayor...

Downtown Santa Monica CEO Andrew Thomas to Step Down

July 11, 2025

July 11, 2025

Thomas, who rejoined DTSM, Inc. in 2022, oversaw the introduction of a private security program, expanded homeless outreach, and boosted...

Conservancy to Tour Historic Miles Playhouse at State of the City Event

July 11, 2025

July 11, 2025

Built in 1929, the Miles Playhouse serves as the centerpiece of Lincoln Park The Santa Monica Conservancy will offer 15-minute...

Sen. Ben Allen Highlights Challenges, Economic Gains for LA28 Olympics

July 11, 2025

July 11, 2025

The remarks came during the first informational hearing of the Senate’s Special Committee on International Sporting Events State Sen. Ben...

(Video) Summer Camp at School of Rock West LA Turns Kids Into Rockstars

July 11, 2025

July 11, 2025

To Sign Up Now, Go To Schoolofrock.com Summer Camp at School of Rock West LA Turns Kids Into Rockstars To...

L.A. Louver Marks David Hockney’s 88th with Exhibit

July 11, 2025

July 11, 2025

Hockney, a British artist born in 1937, gained fame with the British Pop Art movement and later became known for...

Suspect Arrested in Shoe Retail Theft Spree Across LA County

July 11, 2025

July 11, 2025

During the search, police recovered two firearms and a significant quantity of merchandise The Los Angeles Police Department’s Organized Retail...

Suspect Arrested in Santa Monica Pier Arson Incidents

July 10, 2025

July 10, 2025

The suspect, matching video footage from an arcade, was taken into custody Santa Monica Police Department officers arrested a suspect...

SMPD Launch New Recruitment Website Amid High Vacancy Rates

July 10, 2025

July 10, 2025

The site features multimedia content, including day-in-the-life videos and officer profiles, highlighting the impact of serving the community The Santa...

Father-Daughter Authors to Host Book Signing to Aid Fire-Affected Women

July 10, 2025

July 10, 2025

Ten percent of proceeds from book and art sales will benefit the Pacific Palisades Rebuilding Fund, a nonprofit initiative created...

Metro Reports Crime Drop, Higher Rider Satisfaction, and Progress on Major Projects

July 9, 2025

July 9, 2025

The Authority said the drop in violent incidents—down to the lowest level since May 2019—coincided with more uniformed personnel and...

Santa Monica Joins Regional Lawsuit to Halt Unconstitutional ICE Raids

July 9, 2025

July 9, 2025

The motion to intervene seeks to ensure that Santa Monica and other plaintiff-intervenors can advocate for their residents’ rights in...