Mattel, the toy maker behind main manufacturers comparable to Barbie and Scorching Wheels, is upgrading its actual property holdings, shifting its studio operations and design heart into new houses.
The corporate, headquartered in El Segundo, is planning to maneuver its studio operations to a just lately renovated 60,000-square-foot constructing by 2025. Mattel signed a multiyear contract to lease the workplace house at 831 S. Douglas St.
Mattel is planning to maneuver its studio operations to a just lately renovated 60,000-square-foot constructing by 2025.
(Courtesy of Continental Growth Corp.)
The constructing, situated close to Mattel’s present headquarters on Continental Boulevard, contains studios the corporate will use to shoot photographs and movies to advertise its merchandise, in addition to a patio that has hearth pits and barbecue and kitchen areas. The constructing is near different facilities together with eating places, an upscale athletic membership, resorts and shops. For the final 30 years, Mattel has housed its studio operations on its campus, which incorporates a number of buildings.
The true property deal is a part of Mattel’s efforts to revamp its workplace house as the corporate goals to bolster productiveness and creativity within the office together with attracting new workers. As employees begin returning to the workplace after the COVID-19 pandemic, companies are attempting to make the workplace extra enticing for workers who’ve been accustomed to working remotely.
The inside of a constructing Mattel is shifting its studio operations to by 2025. Mattel signed a multiyear contract to lease the workplace house at 831 S. Douglas St.
(Courtesy of Continental Growth Corp.)
The economic constructing, a part of Continental Growth Corp.’s Continental Park campus, was just lately remodeled to incorporate a studio manufacturing space to fulfill Mattel’s artistic wants.
“Employers have strived to offer causes for his or her workers to wish to come again into the workplace and work together with their friends, mentioned Bob Tarnofsky, govt vice chairman of actual property at Continental Growth. “The facilities that they supply are far better than what we noticed usually pre-COVID.”
As employers rethink the way forward for work, it’s not unusual for companies to signal shorter-term leases, Tarnofsky mentioned. Mattel, nonetheless, signed a long-term lease. He declined to say how a lot Mattel paid for the lease and the way lengthy it lasts.
A patio with hearth pits is among the many facilities of the constructing.
(Courtesy of Continental Growth Corp.)
This 12 months, Mattel additionally introduced it is going to be shifting its design heart, which has been situated on Mariposa Avenue for greater than three a long time, to a newly renovated constructing in 2026. The middle, the place workers design the hair, clothes and different elements of toys, can be housed in a 167,767-square-foot workplace house generally known as Grand + Nash at 2160 E. Grand Ave. Mattel bought the house for $59 million from New York Life Insurance coverage.
“We’re embarking on a major inside modernization of our headquarters constructing at 333 Continental Boulevard, infused with the identical design rules and impressed by workplace modernization efforts at Mattel places of work across the globe,” David Traughber, Mattel’s senior vice chairman of finance and head of world actual property, mentioned in an announcement.
The buildings that presently home Mattel’s studio operations and design heart are leased amenities the corporate can be vacating.
As of December 2023, Mattel had roughly 33,000 employees in additional than 35 nations worldwide, in keeping with the corporate’s annual report. The corporate has roughly 2,000 employees in El Segundo and presents its workers a hybrid work surroundings.
