Virgin Hyperloop has moved its headquarters in the Arts District.
The tech firm working on high-speed travel concepts signed a four-year lease in June to take about 50,000 square feet at Atlas Capital’s Row DTLA, according to an announcement on Monday. Financial terms of the lease were not disclosed.
The new lease is more than five times larger than Virgin Hyperloop’s previous headquarters at 2159 Bay Street — a 9,000-square-foot building also in the Arts District — even though the firm laid off 111 people in February to focus on freight travel.
Virgin Hyperloop is backed by the Dubai government’s logistics provider DP World and Richard Branson’s Virgin Group and has raised more than $400 million for its technology, which transports people and cargo through pods in tubes at speeds up to 670 miles per hour.
The company also has a testing site in North Las Vegas.
The lease is a score for Atlas Capital, which owns the 2 million-square-foot mixed-use complex at 777 South Alameda Street. The company has declined to comment on how much space is vacant at the property.
Almost 30 percent of all office space in Downtown L.A. was available for lease at the end of the second quarter, according to CBRE. The average asking rent was $3.65 per square foot, below the county’s average of $3.94.
Last month, Atlas signed fashion brand Revolve and furniture maker Joybird to two separate leases totaling 68,000 square feet at Row DTLA.
A number of tenants have been able to secure flexible lease terms, given the availability of pre-furnished offices and suites, according to an Atlas Capital representative.
Other tenants at Row include design firm HOK and GoFundMe.
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