Fast fashion mogul Fashion Nova has officially relocated its global headquarters to Beverly Hills, after purchasing a 175,000-square-foot office property for $118 million late last month.
The building will house office space for more than 500 corporate employees, as well as the newly created Nova Social Club and Nova Founders Lab.
The Founders Lab will be an incubator-accelerator for emerging brands, designers, creatives and founders across the fashion, marketing and technology sectors. Nova Social Club will be a private, invite-only collaborative space for the brand’s most inner circle – including creators, influencers and celebrities.
Plans call for a fitness studio, wellness spa, content and podcast studios, screening room, meditation and yoga garden, cosmetic micro-treatment bar, organic culinary outpost, a showroom and more.
“The office will always be a part of society – we are just developing the next iteration of it,” Richard Saghian, founder and chief executive of Fashion Nova, said in a statement. “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.”
Fashion Nova acquired the four-story building from Tishman Speyer, one of the leading owners, developers and operators of first-class real estate around the world, in an off-market cash transaction. Cushman & Wakefield represented the retailer in the sale.
The property, located at 407 N. Maple Drive, is known for its modern design and prime location. It features three stories of underground parking with approximately 480 spots and has historically attracted big tenants such as Fox and Fandango.
“This sale underscores the strength and resiliency of the Beverly Hills commercial real estate market as one of the premiere office markets in Southern California,” Mike Condon, lead broker at Cushman & Wakefield, said in a statement. “The property’s unique blend of location, design and aesthetic made it an attractive target, and we are pleased to have facilitated this transaction between two industry leaders.”
This is Saghian’s third real estate purchase in the greater Los Angeles area within the last two years. He famously purchased The One in Bel Air, a 105,000-square-foot mansion known to be the largest home in the U.S. for $126 million in 2022. The property sold at a bankruptcy auction after originally being listed for $295 million. The third is a Malibu beach pad Saghian purchased for $40 million in January of last year.
“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,” he said. “More importantly, I am excited about the future of Fashion Nova and the opportunities ahead for our brand and our customer – there is so much ahead, and it still feels like day one.”
Previously located in Vernon and founded in 2006, Fashion Nova’s move signals strategic overall expansion. According to a release, the next phase in global expansion for the brand includes plans for new offices in London, Hong Kong, Sydney and New York.
