Outdoor apparel company 5.11 Inc. has yet to go public, but the company’s carried through on one task it said it was working on at the time of its November paperwork for its prospective IPO—it has a new headquarters.
The firm earlier this month said it had struck a deal to move to Costa Mesa’s Canvas office campus along Bristol Avenue.
It’s leasing nearly 40,000 square feet at the EQ Office-run complex, which sits alongside the San Diego (405) Freeway, on the opposite side of the freeway from the South Coast Plaza.
That’s a boost in size for 5.11, a retail brand offering purpose-built technical apparel, footwear and gear. It had been based in a 29,000-square-foot building a few miles away in Irvine.
“We are embracing the opportunity for our people to work from anywhere—hence, the importance of having an inspiring space to collaborate in-person,” 5.11 CEO, Francisco Morales, said in a statement.
Move Expected
A new home had been expected, though not in Costa Mesa. The lease for 5.11’s prior Irvine base, at 1360 Reynolds Ave., was due to expire this December, according to the company’s IPO prospectus.
“In anticipation of the expiration of this lease agreement, we are seeking to lease larger office space in Irvine, California to serve as our new headquarters,” it said at the time.
5.11, a unit of Westport Conn.-based Compass Diversified (NYSE: CODI)—whose top executives work in OC—filed its IPO paperwork in early November,
Share price estimates were not specified and 5.11 listed a $100 million placeholder amount for the IPO’s proceeds.
It has yet to update its IPO plans amid the recent slumping market for new public companies.
Canvas Win
The lease is among the larger reported leasing wins for Canvas of late. The multi-building campus recently got a major overhaul by its owners.
Short-term leases, coworking space, move-in-ready suites and custom blocks of office with full build-out capabilities are all available for potential tenants, the landlord said.
5.11 “is a natural fit to join our creative campus,” said Brendan McCracken, senior vice president and portfolio director at EQ Office. “We are looking forward to this partnership and sharing this incredible work environment that will support 5.11’s continued growth and momentum for years to come.”
Newmark’s Jay Nugent, Drew Netherton, Richard Sung and Andrew Robben represented EQ Office in the lease. Louis Tomaselli and Scott Wetzel with JLL represented 5.11.
