Beyond Meat Inc. is cooking up a big order in El Segundo.
The meat substitute manufacturer has signed a 12-year lease for roughly 280,000 square feet at 888 N. Douglas St. in El Segundo.
The property, which is owned by Hackman Capital Partners, will serve as Beyond Meat’s new headquarters. The company is currently headquartered nearby at 119 Standard St. in El Segundo.
The Douglas Street site is under development. When completed this spring, the property will span 390,000 square feet.
According to Hackman Capital, Beyond Meat plans to open its headquarters in three stages starting this fall.
The property will include pilot space to support Beyond Meat’s different product lines, as well as space for research along with room for the company to increase staffing levels as much as fourfold. The site will include research incubators.
The site was formerly a Northrop Grumman Corp. manufacturing and warehouse complex.
Architecture firm Gensler designed the project while KPRS Construction Services Inc. is the general contractor and Cumming serves as the project manager.
“Hackman Capital has been an early pioneer of converting urban properties to creative office space, and the transformation of a former aircraft manufacturing facility at 888 Douglas represents the vision and quality of our hard work in this space,” Michael Hackman, founder and chief executive of Hackman Capital Partners, said in a statement.
“We are incredibly proud to welcome one of the world’s largest and most technologically advanced plant-based research facilities to the property,” he added.
Newmark Group’s Bill Bloodgood and CBRE Group Inc.’s Jeff Pion and John Ayoob represented Hackman Capital in the transaction. Jones Lang LaSalle Inc.’s Gary Horwitz, Blake Searles, Connor Hall and Kamil Agha represented Beyond Meat.
“This substantial lease speaks to the continued demand for high-end creative spaces to help leading companies hire and retain top talent and boost creativity and competitiveness,” Pion said in a statement.
“This is true despite the challenges 2020 and beyond has presented. Visionary projects such as 888 Douglas continue to be in high demand in the thriving and evolving El Segundo submarket,” he added.
The El Segundo market has historically been known as an aerospace hub and for its Chevron refinery. The market has diversified in recent years, though, and has seen a lot of demand from investors and tenants.
Big sales in recent years include Ocean West Capital Partners and Lionstone Investments’ purchase of 777 Aviation Blvd. for $170 million; TA Realty’s purchase of 101 Continental Blvd. for $138.5 million; and Starwood Capital Group and Artisan Realty Advisors’ purchase of 1960 E. Grand Ave. for $133 million.
Other El Segundo properties trading hands recently include Nuveen Real Estate and Graymark Capital’s purchase of 101 Pacific Coast Highway for $97.2 million; SteelWave Inc.’s purchase of 2160 Grand Ave. for $63.5 million; and Vella Group’s purchase of 650 and 700 Pacific Coast Highway for $50.8 million.