Andy Fishburn, CarrAmerica senior vp of leasing for Southern California, tells GlobeSt.com that Allstate's space is in a single-story, 36,000 sf stand-alone building at 21051 Warner Center Lane that's one of the original Woodland Hills office properties built in the 1980s by prominent Warner Center developer Robert Voit. The buildings, at DeSoto Avenue and Burbank Boulevard, were renovated in the late 1990s.
The insurance company plans to move in September to the new space, which will combine and expand two existing claims offices in Woodland Hills and Ventura.
The effective rent works out to "about even with market," says Fishburn, who notes that "the market has softened here in the past six months." The latest published asking rates by CB Richard Ellis, which represented Allstate in the Warner Center deal, show asking rates of $2 to $2.55 per sf per month.
The Warner Center office park is part of a CarrAmerica Southern California office portfolio that includes 61 buildings totaling approximately 2.9 million sf.
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