EL SEGUNDO, Calif. — Beyond Meat is growing beyond its current office space.
The plant-based meat substitute company will move to a brand new 300,000 square foot office building that will serve as its new global headquarters this fall in El Segundo. Hackman Capital Partners, which owns CBS' Television City, is developing the building at 888 North Douglas St.
Beyond Meat expects to move in the fall of this year. The company currently occupies two buildings totaling 50,000 square feet in another part of El Segundo.
The move highlights the growth and demand for the company that specializes in creating plant-based meat, an alternative to traditional meat from animals. Beyond Meat makes alternative meat products such as Beyond Burgers, Beyond Beef, and Beyond Sausage.
According to CNBC, the global meat substitute industry is currently a $20.7 billion industry and expected to grow to $23.2 billion by 2024. On Friday, the Beyond Meat stock jumped from $138 opening to $143 mid-day upon the release of the news.
Beyond Meat officials said the new headquarters would be state-of-the-art and serve as an office and research and development facility using artificial intelligence, machine learning, and other innovations to produce and advance alternative 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," said Ethan Brown, the founder and CEO of Beyond Meat, in a news release. "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."
El Segundo Deputy City Manager Barbara Voss said the city is thrilled to see Beyond Meat, which started in El Segundo, continue to grow and remain in the city.
"Beyond Meat's expansion into its new, state-of-the-art campus is emblematic of the city's unique commercial real estate offerings for startups and global corporations alike," Voss said in a statement to Spectrum News 1.
Commercial real estate firm JLL's Gary Horwitz, Blake Searles, Connor Hall, and Kamil Agha represented Beyond Meat in the 12-year lease agreement. Gensler is designing the building.