Farmers Insurance Group is moving its headquarters to the San Fernando Valley, the company said Tuesday.
The Los Angeles firm will be putting its landmark Park Mile headquarters on the market and begin shifting the 1,400 employees that work there to the company’s Warner Center offices at 6301-6303 Owensmouth Ave.
“We were looking at having to do some expensive and time-consuming renovations to be able to stay in (the Wilshire location),” said Erin Freeman, a spokeswoman for Farmers. “We decided it would be better to move into a newer, more modern location.”
The renovations would have included a seismic retrofit of the Wilshire Boulevard building, which was constructed in 1937. Farmers, founded in 1928, is now owned by Zurich Financial Services Group of Switzerland.
Farmers moved into the Valley buildings in 2011 as part of a consolidation of its Simi Valley location and the offices of 21st Century Insurance, which it acquired in 2009 for $1.9 billion. The campus has since been renamed Farmers Plaza.
The company inked a lease for the 274,000 square feet it currently occupies through 2027, according to Freeman. Terms of the deal were not disclosed.
As the leases of other existing tenants expire, Farmers plans to take those spaces, eventually occupying all of the 540,000-square-foot campus. That full transition could take five years to complete.
While the earlier Farmers real estate consolidation resulted in the loss of nearly 600 jobs, the company is not anticipating any job losses with the current move. Local officials welcomed the news.
“More people working in the Valley means a more robust economy,” said Rep. Brad Sherman, D-Van Nuys, in a statement.