Fashion Nova’s founder and CEO, Richard Saghian, has made a significant investment in Beverly Hills’ real estate market by purchasing a new headquarters for $118 million, or around $674 per square foot. The 175,000-square-foot, four-story office building, located at 407 North Maple Drive, was acquired off-market from Tishman Speyer. This acquisition positions Fashion Nova’s future home just outside Beverly Hills’ prestigious Golden Triangle.
According to a report in The Real Deal, Saghian’s decision to invest in Beverly Hills reflects his confidence in the resilience of the local office market, particularly in highly desirable submarkets. “It’s all about investing in the right submarkets, and Beverly Hills has remained resilient through economic cycles,” Saghian commented in the report. He emphasized the building’s strategic location near key employees and brand partners, noting that while traditional office spaces are undergoing significant transformation, those with rich amenities in prime locations, like Beverly Hills, are poised to thrive.
The newly acquired building is a rare find in the city due to its size. The building includes three levels of subterranean parking and is set to be the hub of Fashion Nova’s growing operations.
One of the standout features of the new headquarters is the planned Fashion Nova Social Club, which will offer a fitness space, juice bar, and other amenities exclusively available to influencers and creatives on an invite-only basis. Additionally, the headquarters will house the Nova Founders Lab, an incubator and accelerator program aimed at supporting startups. This initiative will provide startups with access to Fashion Nova’s extensive marketing, logistics, and content creation resources, along with executive mentorship.
The second floor of the building will continue to be occupied by existing tenants, including Mosaic Media Group and Citi Private Bank. Fashion Nova’s staff will move into the top two floors, which can accommodate over 600 workers, the report added. Fandango previously occupied this space.
In 2024, the office real estate market in Beverly Hills is experiencing a mixed landscape. While the retail and restaurant sectors have seen robust recovery, office space faces significant challenges. High-end medical offices are among the fastest-growing segments, driven by a 2020 ordinance that eased restrictions on medical space conversions. However, traditional office spaces are struggling with vacancies, particularly outside the prestigious Business Triangle. Rents have declined slightly, averaging between $4.50 and $6 per square foot within the Triangle, and $3 to $4 outside of it, according to industry reports and market analysis by brokerage firm JLL. Despite some activity, the market has yet to rebound fully, with many firms still opting for remote work or downsized office footprints.
