A property entitled for a never-built office complex that would have been the headquarters of the Coffee Bean & Tea Leaf has sold to developer Tishman Speyer for $31 million, Urbanize has learned.

The roughly 3.5-acre property, located at 6024 W. Jefferson Boulevard in Baldwin Hills, was approved in late 2018 for the construction of a roughly 200,000-square-foot complex featuring light manufacturing space, warehouses, corporate offices, and a drive-thru Coffee Bean location. Los Angeles Planning officials certified an environmental study indicated that construction of the new campus was set to break ground early the next year and open roughly three years afterward.

Rendering of the Coffee Bean & Tea Leaf projectCity of Los Angeles

However, that plan was thrown into flux in July 2019, when it was announced that Jollibee had agreed to acquire the Coffee Bean for $350 million. The company, then housed in the Wilshire Courtyard (coincidentally owned by Tishman Speyer at the time),would relocate to an office at 1800 N. Vine Street in Hollywood, and the land on Jefferson Boulevard was put on the market.

The deal to acquire the property, according to a title report, was closed in on August 19, 2022, with the purchaser listed as 6000 Jefferson Owner, LLC. That entity is managed by Tishman Speyer chief executive officer Robert J. Speyer, and located out of the company's address at Rockefeller Plaza in New York.

The future of the development site, zoned for industrial uses, is currently unclear. No building permits are currently being processed for the Coffee Bean project, although the entitlements for that development have not expired.

6024 W. Jefferson BoulevardGoogle Maps.

Tishman follows a number of other big-name developers who have targeted sites in western side of the Baldwin Hills neighborhood. Lendlease and Lincoln Property Company are both planning large blocks of office space nearby, and the Eric Owen Moss-designed Wrapper office tower is nearing completion just south of Metro's La Cienega/Jefferson Station. Developers have flooded to the neighborhood as companies such as Warner Bros. Discovery, Apple, and Amazon have set up shop in Culver City next door.

Besides its new Baldwin Hills project, Tishman Speyer's recent activity in Los Angeles include office campuses in Playa Vista and the Arts District. Additionally, the developer recently acquired eight sites from WS Communities in Downtown Santa Monica which are approved for the construction of a combined total of 620 apartments.