Fashion Nova Acquires Iconic Beverly Hills Property for $118 Million, Relocating Global Headquarters
In a landmark real estate transaction, Fashion Nova, the globally recognized fashion brand, has purchased the prime office property located at 407 N. Maple Drive in Beverly Hills. The acquisition, brokered by Mike Condon, Erica Finck, and Reid Gratsch of Cushman & Wakefield, was finalized at a price of $118 million. The seller was Tishman Speyer, a leading owner, developer and operator of first-class real estate around the world.
The 175,000-square-foot office building is set to become the new global headquarters for Fashion Nova, marking a significant relocation from its current base in the city of Vernon. The move signals a strategic expansion and further cements Fashion Nova’s position as a powerhouse in the fast fashion industry.
The relocation is expected to bring significant economic benefits to Beverly Hills with the influx of hundreds of employees, increased local business activity and further enhancement of the area’s reputation as a hub for leading fashion and entertainment companies.
The property, known for its modern design and prime location, historically has attracted top tenants in the market with prior anchor tenants such as Fox and Fandango. Fashion Nova’s vision for the space and its strategic expansion plans ultimately made it the ideal buyer for what is considered one of the top trophy assets in Beverly Hills.
Mike Condon, the lead broker from Cushman & Wakefield, remarked, “This sale underscores the strength and resiliency of the Beverly Hills commercial real estate market as one of the premier office markets in Southern California. 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.â€
“In pursuing what would eventually become Fashion Nova’s new, global headquarters, we short-listed the five best assets in the market and were successful in acquiring what is commonly believed to be the number one, trophy asset in all of Beverly Hills. 407 N. Maple stands as the preeminent office project in the market, which is on brand for the world’s leading fast fashion company,†continued Condon.
