Tishman Speyer Sells Beverly Hills Office for $118M
Fashion Nova will be moving into a new global headquarters in Beverly Hills, Calif. The e-commerce firm purchased the four-story, 175,000-square-foot office building in an $118 million off-market, all-cash transaction from Tishman Speyer.
Fashion Nova will move its more than 500 employees from its current headquarters in Vernon, Calif., to 407 N. Maple Drive by the end of this year.
The company will occupy two floors in the building that previously served as offices for Fandango. The remaining tenants on the roster include Studio by Tishman Speyer, a coworking space; Mosaic Media Group, a talent management and production company; and Citi Private Bank, according to Women’s Wear Daily.
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Built in 2003 on a 1.8-acre lot, 407 N. Maple Drive holds the LEED Gold-certified designation, as well as an Energy Star label. The property has 480 parking spaces in a three-level subterranean garage. The asset had been under Tishman Speyer ownership since 2005, when the company acquired it for $70.7 million, CommercialEdge data shows. The property became subject to an $83.6 million loan in 2019, provided by Deutsche Bank, according to the same source.
Launched in 2006, Fashion Nova then extended to the online medium in 2013 with the opening of its e-commerce platform. The company now plans to expand globally with offices in New York, London, Hong Kong and Sydney.
Creating collaborative spaces
Founder & CEO Richard Saghian said in prepared remarks that the new headquarters will provide a perfect backdrop for collaboration and innovation, leading to a creative workplace environment. In turn, the space will help emerging designers, brands and founders to hyperscale their growth through the Fashion Nova platform.
Part of that will come through the new Nova Social Club, a private, by-invitation-only collaborative space. The club will include a fitness studio, wellness spa, content and podcast studios, screening room, meditation and yoga garden, cosmetic micro-treatment bar, organic culinary offerings and a showroom.
The Nova Founders Lab, an incubator-accelerator, will provide emerging companies the opportunity to access Fashion Nova’s state-of-the-art infrastructure across marketing, technology, production, sourcing, operations and fulfillment.
Beverly Hills action
Fashion Nova isn’t the only company active in the Beverly Hills market this summer. Last month, the Mateen Brothers bought Wilshire Rodeo Plaza, a 300,000-square-foot property with Class A office and retail space, from Nuveen, for $211 million. It was the largest property transaction in Beverly Hills since 2019, according to the Wall Street Journal.
Los Angeles remains a relatively pricy office market. Year-to-date through July, a total of $617 million in office assets traded across metro L.A., at an average of $430 per square foot, according to a recent CommercialEdge report.
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