Leases  ·  Retail

Faraday Future Signs 10,500-SF Lease in Beverly Hills

The property is around the corner from one of the most famous retail strips in the nation, Rodeo Drive

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Faraday Future is bringing its electric vehicles to consumers at one of the most coveted retail districts in the country in the Beverly Hills Golden Triangle.

The EV developer and manufacturer signed a 10,511-square-foot retail lease at 460 North Beverly Drive, around the corner from premier flagship stores on Rodeo Drive for the world’s top high-end brands, including Saint Laurent, Ralph Lauren and Hermes. It is also directly across from the future Cheval Blanc Hotel by LVMH.

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Faraday Future describes itself as a “global shared intelligent mobility ecosystem company,” and will use the Beverly Hills space for a showroom, retail and general office for its auto dealership. JLL (JLL)’s Houman Mahboubi, Devin Klein and Greg Briest announced the lease and represented the landlord, Maxxam Enterprises. Luke Troedson of Savills represented Faraday Future.

The deal represents one of the largest retail leases signed in the Golden Triangle since 2019, as action around Rodeo Drive is rare but always significant. In December 2021, the former Luxe Rodeo Drive Hotel and its existing high-end retail shops sold to LVMH for $200 million. In 2020, the property at 457 North Rodeo Drive sold for $122 million, or about $10,500 per square foot.

“Despite the pandemic and evolving retail industry, we continue to see strong demand from retailers, professional services and restaurants looking to expand or relocate into Beverly Hills,” Mahboubi said. “Landlords are now able to push rents with future strengthening expected to continue throughout 2022 and 2023.”

Faraday Future also leases a two-building warehouse in Gardena, in L.A. County’s South Bay, which recently sold for $64.3 million to Rexford Industrial Realty.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.