Beyond Meat has announced the lease of a vast Los Angeles office space to serve as its new global headquarters. The move is a further sign of the alternative meat giant’s spectacular growth after recently signing deals with Taco Bell and Costco.
Beyond Meat will enter a 12-year lease in a new, almost 300,000 square foot space in El Segundo, a few minutes from LAX airport. The building is currently under development and is due to be completed in spring 2021. The site will be converted into the company’s state-of-the-art global headquarters, making it one of the world’s largest and most technologically advanced plant-based research centers.
The move is counter to current office leasing trends, with the LA office rental market being particularly affected. Office lease signings have fallen since the Covid-19 pandemic forced many companies to close or work remotely, making 2020 the worst year for office leasing since the Great Recession, according to a report by the LA Times. The Beyond Meat expansion is another marker of how plant-based businesses have found opportunities for further growth as other markets have faltered during the pandemic.
Beyond Meat has signed the 12-year lease which is valued at more than $178 million, according to the company’s filing with the Securities and Exchange Commission. This puts the deal comfortably as one of the largest signed in Los Angeles since the outbreak of the pandemic.
The construction of the headquarters will develop over three phases and will be able to support multiple product lines and enable space to more than triple the current number of research personnel. In addition, the facility will utilize artificial intelligence and machine learning to support product innovation and advanced research labs.
“Our ambitious new campus and truly state-of-the-art research facilities reflect our commitment to providing our consumers, customers, and strategic partners with the very best in science, technology, and culinary arts as we together answer the global protein challenge,” said Ethan Brown, Founder and CEO, Beyond Meat.
“The new campus and facilities will house cutting-edge fundamental and applied research, alongside globalized product development teams, all in service to a single goal: creating meat from plants that is indistinguishable from its animal protein equivalent. It is on this campus that we expect to advance ever more rapidly against our taste, nutrition, and cost metrics, inviting and empowering more and more consumers around the world to Go Beyond.”