EV battery firm leaves LA for 200K sf in Orange County

Romeo Power exits Vernon for new lease at larger manufacturing and office facility

Los Angeles /
Oct.October 06, 2021 01:00 PM
Romeo Power CEO Susan Brennan (Romeo Power, LinkedIn via Brennan)
Romeo Power CEO Susan Brennan (Romeo Power, LinkedIn via Brennan)

An electric vehicle battery manufacturer is exiting Los Angeles County for bigger digs in Orange County.

Romeo Power inked a lease for 215,000 square feet in Cypress, according to the Los Angeles Business Journal. Founded by former Tesla and SpaceX engineers, the company had been headquartered in Vernon.

Romeo Power plans to relocate over the next nine months, according to the report. The new facility will serve as the company’s HQ, with manufacturing and office components.

Founded in 2016, Romeo Power went public via a merger with a special purpose acquisition company, or SPAC, in December. The company fell short of its second quarter earnings target, in part because of production shortcomings, according to InvestmentU.

The new facility doubles Romeo Power’s lab and testing capacity and offers more manufacturing space, which could help ramp up production, the Business Journal noted.

It isn’t easy to find industrial space in Southern California, although the market isn’t as tight in Orange County as it is in L.A. County or the Inland Empire.

Orange County’s industrial vacancy rate as of August was 3.5 percent. The average price per square foot jumped nearly 35 percent over the first eight months of 2021 alone. So far this year, it’s the most expensive market in the country by average price per square foot, according to a recent report from CommercialEdge.

Romeo Power’s founder and former CEO Michael Patterson made some real estate moves himself this year. He and wife Elizabeth Patterson, an attorney with Starz, bought a mansion in Santa Monica from Melissa Rivers for $15.5 million.

Patterson left the company in April. Romeo Power brought in new leadership in August with the appointment of Susan Brennan as CEO.
[LA Biz] —Dennis Lynch


Related Articles

arrow_forward_ios
Douglas Elliman's John Stanaland, Coldwell Banker's Teri Anderson, Oppenheim Group's Jason Oppenheim, Coldwell Banker's Roddy de la Garza and The Keystone Group's Evan McFadden
Movers: John Stanaland joins Douglas Elliman, de la Garza joins Coldwell Banker, Oppenheim Group to open San Diego office
Movers: John Stanaland joins Douglas Elliman, de la Garza joins Coldwell Banker, Oppenheim Group to open San Diego office
2121 Avenue of the Stars and 555 West 5th Street
LA, OC see $30B in CMBS loans due this year
LA, OC see $30B in CMBS loans due this year
Apartment buildings on a slide in Orange County
Apartment rents in OC fall 2.5% since September
Apartment rents in OC fall 2.5% since September
19 Hughes Avenue, Irvine (Google Maps)
EBS Realty, Penwood snag Irvine industrial campus for $24M
EBS Realty, Penwood snag Irvine industrial campus for $24M
From left: Rexford’s Howard Schwimmer and Michael Frankel along with 14400 South Figueroa Street (Getty, Rexford Industrial Realty, LoopNet)
Rexford spends $336M on industrial in Q4 despite rate hikes
Rexford spends $336M on industrial in Q4 despite rate hikes
(Getty)
LA office market ends 2022 on a low note
LA office market ends 2022 on a low note
Healthcare Property Advisors' James McGrade and the campus at 915-975 West Imperial Highway and 950 Mariner Street in Brea (Loopnet, Healthcare Property Advisors)
Healthcare Property Advisors buys headquarters for $80M
Healthcare Property Advisors buys headquarters for $80M
From left: Kim Kardashin, Arte Moreno, Jeffree Star, and Rick Caruso
Here’s a look at LA real estate’s buzziest stories of 2022
Here’s a look at LA real estate’s buzziest stories of 2022
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...