Research and development facility to be built in El Segundo

EL SEGUNDO, Calif. (KABC) -- The corners of El Segundo and Sepulveda boulevards are going to be transformed.

An agreement has been reached to develop the 6-acre site into a research and development campus.

Most of the current buildings in the industrial neighborhood were built between the 1950s and the 1970s. Some of the buildings will stay and be renovated.

The project promises 200,000 square feet of rentable space, and a four-story parking garage, large enough for 400 vehicles.

The developer said the campus will be completed in three years.