The "Rodeo Collection," a 45-store, 70,000-square-foot (6,500 m2) shopping mall[20] opened in 1983[21] at 421 N. Rodeo Drive. The building is only four stories high with the first floor below street level in order to satisfy local building codes. The retail space initially leased for as much as $120 per square foot, which, according to an executive with commercial real estate firm Julien J. Studley, was "the highest price for any kind of space in the Los Angeles Area."[20]