Richard Saghian Of Fashion Nova Acquires Office Building In Beverly Hills For $118 Million

An office building located at 407 North Maple Drive in Beverly Hills has been sold for $118,000,000. The asset encompasses a total square footage of 175,000, resulting in a price per square foot of $674.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $118,000,000
• Buyer: Richard Saghian - Fashion Nova
• Seller: Tishman Speyer
• Seller's Representative: Cushman & Wakefield
• Square Footage: 175,000
• Price Per Square Foot: $674

The new headquarters for Fashion Nova, which is founded and led by Richard Saghian, is designed to accommodate over 500 corporate employees. The building will feature two unique concepts aimed at supporting emerging brands and creatives, namely the Nova Social Club and the Nova Founders Lab. This acquisition is Saghian's third significant real estate transaction in Los Angeles within a span of two years.