Logix Federal Credit Union, the largest credit union in Los Angeles County, said Tuesday it has outgrown its long-time Burbank offices and will build a 170,000-square-foot headquarters in the Santa Clarita Valley. The credit union purchased a 12-acre vacant parcel in the Valencia Commerce Center for an undisclosed price and expects to move there sometime in 2018.
“After careful analysis of options that included alternate locations, as well as expansion on the current headquarters site, the Logix board determined the best long-term option is in the Santa Clarita Valley,” Dave Styler, the credit union’s chief executive, said in a prepared statement. “We already have four branches in the area, and intend to add more.”
The credit union has increased its assets from $3.8 billion a year ago to $4 billion as of the second quarter, with membership growing nearly 11.5 percent over the same period to 150,000. It has 544 employees and operates 15 branches in the San Fernando, San Gabriel, Santa Clarita and Antelope valleys, as well as in eastern Ventura County.
The move is a loss for Burbank, where the credit union has been headquartered in 75,000 square feet at 2340 N. Hollywood Way for nearly 30 years. Styler said Logix plans to add two branches in the Burbank area over the next year to make up for the closure of its flagship branch, which it plans to eventually sell.
Construction of the institution’s new headquarters, located at Commerce Center Drive and Franklin Parkway, will begin this year, Styler said. The building, which is being designed and built by St. Louis-based architectural firm NewGround, will house more than 400 Logix employees to begin, with room for significant future expansion.
Luring a company into the Santa Clarita Valley is a big win for the region, said Craig Peters, executive vice president at CBRE, who represented seller LNR Gateway V LLC along with his colleague Doug Sonderegger. Jeff Woolf, senior vice president at CBRE, represented Logix on the land acquisition.
“We’ll see a deal like this, where we have an opportunity to relocate a corporate headquarters to the area, every few years,” Peters said, adding that Logix is following similar moves in recent years by companies such as Princess Cruises, Precision Dynamics Corp. and Advanced Bionics LLC.