Virgin Hyperloop Moves HQ Into 50K SF In Atlas Capital's Row DTLA
The company signed a four-year lease, according to a release.
"Our new headquarters in this vibrant area represents a new beginning for the company," Virgin Hyperloop Head of Human Resources Benjamin Savage said in a statement. "The space is designed to support our transition from technology to product development. It allows for efficiency and flexibility, and lends itself particularly well to unleashing collaboration and creativity of our highly skilled employee base."
In February, Virgin Hyperloop laid off 111 employees — about half its staff — and announced that it would focus on moving cargo instead of people, the Verge reported.
Virgin Hyperloop proposes a method of transportation that involves pressurized tubes and magnets to propel people or goods in enclosed pods “at speeds about three times faster than high-speed rail and less cost,” according to its website. The company had a successful test in 2020.
The company has been east of Downtown LA since its earliest days. In 2015, the company announced its headquarters at 2159 Bay St., in a 6,500 SF warehouse. It grew to occupy 40K SF at the property.
The company, formerly known as Hyperloop One and Hyperloop Technologies, has been Virgin Hyperloop since 2017, when Virgin Group invested in the company.
According to its website, the company’s U.S. office space measures more than 90K SF in all.
Earlier this summer, online retailer Revolve took nearly 50K SF of office at the Row and furniture retailer Joybird took a 20K SF space. Virgin Hyperloop moved into its new space in June, a company rep told Bisnow via email.