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Thursday, Jun 8, 2023

Real Brief

real brief/SFVFeb/bb/4+ inches/mike1st/mark2nd The Warner Center Plaza III highrise in Woodland Hills, which has sat almost entirely vacant since its 1991 completion, has landed a tenant for nearly 10 percent of its office space. Financial Indemnity Co., a “non-standard” (i.e., high-risk) automobile insurance specialist, has signed a 10-year, $14 million lease for 55,000 of the tower’s 591,000 square feet. That brings the tower’s occupancy rate up to just under 30 percent. Financial Indemnity will relocate its corporate headquarters across the San Fernando Valley from the increasingly pricey Burbank Media District to the less costly Warner Center insurance haven in Woodland Hills. Financial Indemnity is currently located in the Disney Channel building, 3800 W. Alameda Ave. in Burbank. The company has committed to the never-occupied 17th and 18th floors within the Plaza III tower at 21650 Oxnard St. in Woodland Hills, said CB Commercial Real Estate Group’s Andy Fishburn, who oversees leasing at the Warner Center Plaza highrise complex and adjacent Warner Center Business Park. Fishburn and CB’s Bob Pearson and Tony Acerra represented property owner AH Warner Center Properties LLC in the lease negotiations. Grubb & Ellis Co.’s Maury Gentile and Jim Lindvall negotiated the relocation lease on Financial Indemnity’s behalf. Brad Berton

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