El Segundo Provides Boost to LA's Office Recovery
El Segundo is providing a boost to Los Angeles' office recovery, with INNOCEAN USA's new 100,000-square-foot lease serving as a major influence on the area.
The 888 N. Douglas property will serve as the advertisement agency's new U.S. headquarters, representing a relocation from its roughly 50,000-square-foot facility in Huntington Beach, California.
JLL's Jason Fine, Jeff Ingham, and Mitch Lundquist represented INNOCEAN USA in the new lease. The landlord, Hackman Capital, represented itself.
"This move is an interesting bellwether for the return-to-office policies that some industries are still contemplating," Fine told GlobeSt.com.
"Innocean values the collaborative process and ideas that come from people working together, and that all starts at the office. They are investing in their employees and their culture."
Fine said the tenant needed a new space that could comfortably accommodate their staff in one place and provide the right environment for creativity, fun and flexibility.
"This is a big boost for the LA market and especially for El Segundo, proving once again that this is one of the top markets in Los Angeles."
Hackman Capital purchased the massive 1930s-era aerospace manufacturing site in 2016 and invested $100 million to transform it into a cutting-edge workplace.
Original architectural treasures were preserved and showcased in the redevelopment, including soaring 50-foot ceilings, sawtooth skylights, bridges, catwalks and railway corridors—providing the space's industrial-chic aesthetic that has become a magnet for innovators across creative and tech industries.
The 30-acre campus consists of four buildings totaling approximately 550,000 square feet.
The expansive grounds, located across from the Los Angeles Lakers' practice facility, extend the workplace outdoors and are punctuated by botanical trails, private patios, wooden decks and pockets with lounge seating and lawn games.
Another major recent office deal to take place in El Segundo involved a separate property owned by Hackman, with aircraft defense firm Hermeus signing for 62,552 square feet at 888 North Douglas Street, according to a first-quarter LA office report from Savills. Also, electric vehicle firm Faraday Future signed for 99,600 square feet at 1990 E Grand Avenue during the first quarter.
INNOCEAN USA is the US arm of INNOCEAN Worldwide, a global marketing and communications network founded by Hyundai Motor Group. It provides integrated advertising, brand strategy, digital and experiential services for automotive and non-automotive clients.
INNOCEAN USA is set to move into 888 N. Douglas in 2027.
Source: GlobeSt/ALM