Electronic carmaker Faraday Future has sold its Los Angeles headquarters in a move to keep the company alive.
A subsidiary of New York-based real estate firm Atlas Capital bought the property on March 8 and immediately began leasing the building back for an undisclosed amount, sina.com reported, citing The Verge.
John Schilling, Faraday Future’s director of communications, confirmed the sale of the company’s headquarters.
The transaction price for the property of two buildings was not disclosed. A former employee familiar with the deal said it could be worth about US$ 10 million.
The actual number may be even higher as the electric carmaker owned by controversial Chinese entrepreneur Jia Yueting had taken a US$ 17 million loan against the LA headquarters in May 2018. The loan has since been repaid. Faraday Future bought the buildings in 2014 for US$ 13.2 million.
This is yet another major asset sale over several weeks after its announcement to sell a 900-acre land plot in Las Vegas for US$ 40 million.
The company has had to keep itself afloat after a nasty breakup with major investor Chinese developer Evergrande.
The latter backed out of a US$ 2 billion investment deal at the end of 2018 reportedly following a dispute with Faraday Future.