Beverly Hills stands to gain more than $900,000 in new lease revenue after the Parking Authority approved an expansion deal with Rodeo Realty at its Tuesday, Aug. 11 meeting.

The residential brokerage will take over a vacant storefront at 9680 S. Santa Monica Blvd., formerly occupied by FedEx, to house an adjoining escrow business. The space connects to Rodeo Realty's existing office at 463 N. Bedford Drive, which the firm leased from the city in March 2026.

Under the First Amendment of Lease, Rodeo Realty's total monthly base rent rises by $7,236.93 to $81,236.93, with 3% annual increases. The security deposit climbs to $105,995.79. Over the 10-year term, the expansion adds $900,611.67 in base-rent revenue to city coffers. Rodeo Realty must pay for all tenant improvements itself.

The space is currently vacant.

The item passed on the Parking Authority's open-session consent calendar. Official minutes confirming the vote tally had not been posted as of Wednesday, Aug. 12. Sydney Leibovitch, president of Rodeo Realty, signed the lease documents on Aug. 1; city Risk Manager Sharon L'Heureux Dressel signed Aug. 3.

CBRE, the city's leasing broker, will receive approximately $19,000.88 in commission for the deal, paid in two installments.

Council holds closed session on Greystone Mansion lease

Separately, the City Council went into closed session Tuesday night to discuss a potential lease of Greystone Mansion at 905 Loma Vista Drive with Cheil, the Samsung-affiliated global advertising firm headquartered in Seoul, South Korea. City Manager Ryan Gohlich served as the city's negotiator.

Because the discussion took place under California Government Code Section 54956.8, no terms, price or direction were publicly disclosed. Any final lease agreement would require a future public vote.

Greystone Mansion is a 55-room Tudor Revival estate on 18.3 acres, completed in 1928 for Ned Doheny and purchased by the city in 1965. It was listed on the National Register of Historic Places in 1976 and designated Beverly Hills Local Historic Landmark No. 4 in 2013. The park grounds are open daily at no charge; the mansion interior opens only for special events.

The council also held a closed session on a proposed lease amendment for United Talent Agency at 331 Foothill Road, Suite 400. No outcome was disclosed.

The next regular City Council meeting is scheduled for Sept. 15 at 7 p.m., though a proposal to cancel that session was discussed at an earlier Aug. 11 study session.