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The Real Deal Los Angeles

Anthem’s old Warner Center office to get renovation as investors pour into area

A 25-acre plot around the 14-story tower is also up for sale
September 06, 2018 10:00AM

21555 Oxnard Street and Carl Mulhstein

Anthem Inc.’s longtime office tower in Woodland Hills will get a makeover when the insurance company vacates for a nearby office next year.

The 450,000-square-foot building at 21555 Oxnard Street will be one of the largest office spaces to hit the market in the Warner Center area, according to the Los Angeles Times. Carl Muhlstein of JLL is representing the building’s owners.

The area is seeing millions of dollars in investment thanks to the Warner Center 2035 Specific Plan, which allows for up to 30 million square feet of new development in the area. The acreage around the Warner Center could see a transformation itself.

Anthem once owned the land and the office building,, called Center Point, but sold the building and now wants to sell the land around it. The health insurance provider listed the 26-acre property, now a parking lot, last July.

In June, Anthem announced it was moving to Campus @ Warner Center, an office campus owned by Lincoln Property Co. and Angelo, Gordon & Co. Anthem will downsize to 169,000 square feet.

The Specific Plan would allow for 5.5 million square feet of office, residential, retail, or hospitality development on the site. The Specific Plan also removed height caps on the property.

One of the largest deals in the works is for the 47-acre Aerojet Rocketdyne site on Canoga Avenue. Triple Five Group Ltd., the operator of the Mall of America, is in talks to buy the site for $150 million.  [LAT] – Dennis Lynch