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BEVERLY HILLS, CA-The Festival Cos., an investment partner ofGoldman Sachs, has acquired the 13,500-sf Gucci Building on RodeoDrive for $40 million as the first investment by a new fund thatplans to invest up to $800 million over the next three years. MarkSchurgin, fund principal and Festival Cos. president, says that thenewly launched fund plans to invest in ground-up and existingretail properties from coast-to-coast.

Gucci is the sole tenant in the building at 347 N. Rodeo Dr. andhas been in the space for about 20 years. The Festival Retail Fundbought the property from New York-based Friedman Equities in atransaction that was brokered by Jay Luchs of B Richard Ellis and aCushman & Wakefield team of Steve Algermissen, Andrew Harperand Leslie Mayer.

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