A gated enclave spanning 30 acres in El Segundo where secret aerospace work has been going on for decades will be opened up to techies and other creative types in a $100 million makeover.
Los Angeles real estate developer Hackman Capital Partners is redeveloping four industrial buildings near Los Angeles International Airport that it acquired from defense giant Northrop Grumman, the Los Angeles Times reported Thursday.
The site off Douglas Street features 550,000 square feet of research and manufacturing space that will be converted into an office campus once the military contractor finishes its tenancy in coming months, Michael Hackman, chief executive of Hackman Capital, said in remarks reported by The Times. The price of the acquisition has not been disclosed.
Hackman invests in several U.S. real estate markets and has a strong presence in Culver City, where it owns Culver Studios. Amazon, which is beefing up its original content business, is taking more than 280,000 square feet of space there, including at the studio’s mansion on Washington Boulevard. The studio is a landmark where `”Gone With the Wind,” ”Citizen Kane” and other classic movies were filmed. The El Segundo industrial complex, though less famous, is historic in its own right too.
Douglas Street harks back to the 1930s and takes its name from the time Douglas Aircraft Co. made planes for the Navy that were flown in three wars, including World War II-era Dauntless dive bombers, Skyraider dive bombers and Skynight jets, which flew during the Korean and Vietnam wars, according to The Times.
—City News Service
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