(MENAFN- Asia Times) 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.
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