Beyond Meat Inks 281 KSF Lease in Los Angeles
- Jan 18, 2021
Beyond Meat has signed a new 281,110-square-foot lease at a 390,000-square-foot office property in El Segundo, Calif. The contract spells out a 12-year term with two five-year renewal options and 3 percent annual rent increases after the initial term. The agreement has an estimated value of more than $178 million, according to the Los Angeles Times.
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The owner, Hackman Capital Partners acquired the property in 2016, when Northrop Grumman sold it for $81.5 million, according to public records. The site encompasses three warehouses built in 1929 and 1955 that the owner is redeveloping. In January 2020, Deutsche Bank provided a $190 million financing package for the project, CommercialEdge data shows. Construction for the tenant’s new space is expected to wrap up this spring.
Larger space, more employees
The building, located at 888 N. Douglas St., will serve Beyond Meat as a modern global headquarters and a plant-based research center. The new office will be delivered in three phases, with a tenant improvement allocation of $100 per rentable square foot of each phase. The company expects to triple or even quadruple its research staff.
Situated close to Interstate 105, the property is within 2 miles of LAX and 18 miles southwest of downtown Los Angeles. Additionally, the site is within 3 miles of the firm’s current headquarters, a 13,090-square-foot property at 119 Standard St.
DPPM Project Management is overseeing the development and Gensler is the project’s architect. JLL Managing Directors Gary Horwitz, Blake Searles and Kamil Agha, along with Vice President Connor Hall assisted the tenant. CBRE and Newmark negotiated on behalf of the landlord.
Last November, Dr. Patrick Soon-Shiong selected JLL to lease and reposition the 674,000-square-foot St. Vincent Medical Center complex in Los Angeles. The 391,000-square-foot property is the city’s first hospital.