Fashion Nova Buys Beverly Hills Headquarters for $118M
Tishman Speyer sold the 175,000-square-foot building for $674 per square
By Greg Cornfield August 28, 2024 11:25 am
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Richard Saghian, the founder and CEO of Fashion Nova, has put down $118 million for the fast-fashion brand’s headquarters in Beverly Hills, Calif.
Tishman Speyer sold the 175,000-square-foot office at 407 North Maple Drive for more than $674 per square foot. Fashion Nova will move in later this year. The building is set to hold more than 500 corporate employees.
Fashion Nova on Wednesday announced the deal for the four-story office with three subterranean floors for parking. Cushman & Wakefield (CWK)’s Mike Condon Jr, Erica Finck, Reid Gratsch, and Kylie Rawn brokered the deal for Fashion Nova.
“The office will always be a part of society — we are just developing the next iteration of it,” Saghian said in a statement. “People want to collaborate and innovate with their peers and feel at home, not just show up for work. They want to be a part of a movement and culture. Our new headquarters provides the perfect backdrop for our teams to ideate and innovate, and enables emerging designers, brands and disruptive founders to hyper-scale their growth, turbo-charged by Fashion Nova’s cutting-edge platform.”
Saghian launched the brand in 2006 in L.A. In 2013, he started the e-commerce platform, which saw quick success thanks to its social media campaigns and celebrity endorsements.
“I strongly believe in the resilience of the Los Angeles real estate market and I’m incredibly excited to add this property to my real estate portfolio,” Saghian added.
At the new headquarters, the brand will launch Nova Social Club, an invitation-only space for influencers and creators that will feature a fitness studio, a wellness spa, content and podcast studios, and a showroom. The new hub will also feature Nova Founders Lab, what the company calls an “incubator-accelerator” for emerging brands and founders across fashion, marketing and technology.
“Nova Social Club will be a modern sanctuary for talent, influencers, creatives and tastemakers,” Saghian said. “There is nothing like this currently existing in the fashion industry, period.”
Saghian plans to continue expanding and open offices in London, Hong Kong, Sydney,and New York. The company said it has more than $2 billion in annual sales, and also manages a 1 million-square-foot logistics network.
Saghian acquired the 6,125-square-foot Fashion Nova Malibu Beach House in 2023, and he also owns a 105,000-square-foot mansion called The One in Bel Air, which is said to be the largest single-family residence in the United States.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
