Anthem's Former HQ In Woodland Hills To Get $50M Makeover
Anthem's headquarters in Woodland Hills will get a $50M makeover once the healthcare firm's lease expires Jan. 1.
With the company vacating the premises after 30 years, the private ownership group that owns the building has hired LPC West, a division of Lincoln Property, to fully renovate and revamp the 14-story, 450K SF Warner Landmark office tower.
“This is an unusual opportunity,” LPC West Senior Executive Vice President David Binswanger said in a press release. “Anthem has been a tenant in this building for more than 30 years. Now that their lease is expiring, ownership has a chance to revamp the entire property and start with a clean slate. I have no doubt it will serve as a catalyst to eventually reposition the entire block, so it can better serve the needs of this area today.”
Built in 1977, the office tower at 21555 Oxnard St. has served as Anthem's headquarters for at least three decades. Anthem once owned the building in the 1980s.
Last year, the health company announced it would leave its longtime home after signing a lease with Lincoln Property and Angelo Gordon Co. to occupy 170K SF of office at the Campus @ Warner Center at 21255 and 21215 Burbank Blvd. in Woodland Hills, according to the LA Times.
The private ownership group had flirted with possibly selling the property before deciding to renovate it to capitalize on the redevelopment of the surrounding area, according to reports.
Investors have poured millions of dollars of investment into the Warner Center neighborhood due in large part to the city of Los Angeles' Warner Center 2035 Specific Plan. The plan, passed in 2013, increased density of a 1.5-square-mile district considered to be the downtown of San Fernando Valley.
More than 2,500 units of multifamily projects have been built since the plan was approved and 2,000 more units are in the pipeline, according to the LA Daily News. Several megaprojects are being developed, including Westfield's $1.5B mixed-use project called The Promenade.
More mixed-use developments are on the way, according to reports.
Along with LPC West, the private ownership group has hired CallisonRTKL as the lead architect, along with RELM Studio as the landscape architect.
LPC West officials said the owners plan to spend between $40M and $50M on the remodel, which will include creating a new entryway, new walkways, renovating the grand plaza as a spacious open-air area for retailers and food vendors, more parking and a gym and conference center.
The plan is to modernize the building and create on- and off-campus amenities.
CBRE’s Matthew Heyn, Jeff Pion and team will be marketing the space for lease to new tenants.
Renovations are expected to be completed by the middle of next year.