The buyer is Strategic Real Estate Advisors, a London-based investment company that agreed to pay roughly $129 million for the 135,000-sf development at the famed intersection of Wilshire Boulevard and Rodeo Drive. "The deal is in escrow and there's no reason to think it will fall through," one Westside broker familiar with the negotiations says.

The European-style project, built around a cobblestone street, may have more upscale retailers than Beverly Hills has plastic surgeons. Tenants include Tiffany, Cartier and Valentino. A partnership of Tokyo-based retailing giant Sogo Co. and Industrial Bank of Japan's Kowa Real Estate Investment Co. subsidiary paid a reported $200 million for it in 1990, just as Japanese investment in the US and Southland commercial real estate values both hit their peak.

.Eastdil Realty's Beverly Hills office put the property on the market a few months ago. The New York office of Falcon Real Estate represented Strategic Real Estate Advisors.