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ashion Nova's CEO, Richard Saghian, has made a significant investment in the local office market by purchasing a 175,000-square-foot building at 407 North Maple Drive in Beverly Hills for $118 million. The purchase was made off-market from Tishman Speyer, and the price equates to approximately $675 per square foot. The building is located outside of Beverly Hills' Golden Triangle, which is home to several luxury flagships along Santa Monica Boulevard, Wilshire Boulevard, and Rodeo Drive.
Saghian believes that investing in the right submarkets is key to success, and he has chosen Beverly Hills due to its resilience through economic cycles and its prime location near many of Fashion Nova's employees and brand partners. He also believes that amenity-rich buildings in highly desired destinations will thrive in the transforming traditional office market.
The building spans four stories, with three levels of subterranean parking. It will house Fashion Nova staff on the top two floors, which were previously occupied by Fandango. The space has the capacity for more than 600 workers.
Fashion Nova plans to open new satellite offices in London, Hong Kong, Sydney, and New York in the future. One or two of these offices may open as early as the end of this year and could include a social club component similar to the one being built in Beverly Hills.
Saghian's family office is also expected to launch from the Maple Drive location as he expands his real estate portfolio. He views real estate as a long-term generational investment, particularly in architecturally significant buildings in world-class locations.
Saghian's portfolio already includes two homes in the Hollywood Hills, two Malibu beach houses, and The One in Bel-Air, which is currently under renovation and expected to be completed next year. The One was developed by Nile Niami and sold at auction for $141 million to Saghian in 2022.
Fashion Nova's new headquarters symbolize the company's evolution from its 2006 start as a store in the Panorama Mall in Panorama City. Since then, it has leveraged social media marketing and influencer partnerships to scale to about $2 billion in annual sales.
Saghian believes that the building provides ample room for growth for years to come and is committed to doing what's best for Fashion Nova, its employees, and customers.
