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Wednesday, Oct 4, 2023

Comedy Duo Smiling Over Move to East Valley

A well-known comedy duo responsible for several shows on Cartoon Network’s late night Adult Swim series have relocated from Hollywood to Glendale. Tim & Eric Inc. – the production company of Tim Heidecker and Eric Wareheim – moved into 15,300 square feet in two buildings on Flower Street. The five-year lease is worth about $1.5 million, putting the rate at about $1.63 a square foot – substantially lower than the $2.38 average asking rate in the Glendale market in the second quarter, according to Colliers International. The lease cost was brought down by the 4,500-square-foot building at 1442 Flower St., an industrial property the tenants intend to use for studio and filming activities. The second, 10,800-square-foot building at 1500 Flower St. will be used for production and as general office space. Landlord Avalon Investment Co. of Tarzana had owned the 1442 Flower St. building since April and bought the larger 1500 Flower St. property in December for $1.5 million. It converted the latter, an 85-year-old building, into creative office space and had planned to flip it before being approached about the lease. “It was an old industrial building that Avalon purchased and completely restored,” said Roger Beck, senior managing director of the Sherman Oaks office of Charles Dunn Co. Inc., who represented the tenants. “I have a relationship with Avalon and was aware of the acquisition and the flip they had planned. So I got them to put this together before the renovation was even done.” Beck said Tim & Eric take over the space after years of being spread across five locations in Hollywood totaling about 10,000 square feet. He said the two, who declined to be interviewed, were interested in being closer to the Burbank Media District. Also, Cartoon Network is headquartered in the city. Heidecker and Wareheim are best known for their television series “Tom Goes to the Mayor” and “Tim and Eric Awesome Show.” The move took place earlier this summer and was announced late last month. Temporary Lease About two-and-a-half years after vacating a 240,000-square-foot warehouse in Simi Valley, Farmers Insurance Group is returning. At least for a little while. The 3041 Cochran St. building will house about 450 Farmers employees for a period of about six months, according to Simi Valley Assistant City Manager Brian Gabler. The move is to accommodate seismic retrofitting on the company’s historic Wilshire Boulevard headquarters, which Farmers sold in April after announcing plans to move its regional headquarters to Warner Center. The move won’t cost Farmers a dime. The company still has a lease on the property running through January 2017 with owner American Realty Capital Partners Inc. of New York. Luis Sahagun, a spokesman for Farmers, said some of the employees will return to the Wilshire offices and others will go to the new headquarters in Woodland Hills. Simi Valley is happy to have some more money come into the city despite the short term benefit. “We’re excited to get what we can,” Gabler said. “It will certainly provide for some businesses to capture some folks going out to lunch and shopping, filling up their gas tanks. It’s very good for us.” Farmers was once king in Simi Valley, boasting some 1,200 employees as its largest employer. But after buying 21st Century Insurance for $1.9 billion in 2009, Farmers relocated Simi employees to Warner Center, renaming the property Farmers Plaza. The insurance giant is in the process of moving people from the Wilshire site, built in 1937, to Farmers Plaza where it intends to consolidate all of its local employees within about five years. Farmers, founded in 1928, is now owned by Zurich Financial Services Group of Switzerland. Branch Expansion NAI Capital Inc. has promoted Chris Jackson to executive vice president and branch manager of the firm’s Encino headquarters. Jackson is an industrial and investment broker focused on the Santa Clarita Valley. In his new role, Jackson said he is charged with expanding the company’s workforce. “We already have a lot of senior brokers in industrial,” Jackson said. “But where we need the most help is in office and multifamily. That’s where we want to bring in more guys.” The Encino office at 16001 Ventura Blvd. has nearly 30 brokers and was previously run by Chairman Mike Zugsmith. Jackson said there’s no specific goal in number of new hires, but that he’ll be looking to attract some big movers. “We want more, but we want quality,” he said. “We want senior or mid-level brokers that are producing and already have a reputation.” Staff Reporter Elliot Golan can be reached at (818) 316-3123 or egolan@sfvbj.com.

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