A bulky office tower in the Warner Center, occupied by Anthem Blue Cross for over two decades, is now being marketed for sale as a redevelopment opportunity, The Real Deal has learned.
Brokers familiar with the 415,000-square-foot property say it could fetch bids between $110 to $125 million.
A group of private individuals currently own the building, which was formerly held by Anthem.
The healthcare giant will be vacating the 14-story building, located at 21555 Oxnard Street, by the end of 2019. It inked a deal to occupy 169,000 square feet, or four floors, at the Campus @ Warner Center in late July.
Roughly a year before signing the recent deal, Anthem hinted at a possible departure when it listed a massive plot of land surrounding its office building for sale. The 25.6-acre parking lot, where five parcels sit, is still on the market.
A buyer would be able to develop more than 5.5 million square feet of office, residential, retail or hospitality buildings on the site owned by Anthem alone, TRD previously reported.
Kevin Shannon at Newmark Knight Frank has the listing on Oxnard Street.
Warner Center, located in the Woodland Hills neighborhood in the San Fernando Valley, is comprised mostly of office buildings and parking lots. The city adopted the Warner Center 2035 master plan in 2013 in an effort to encourage new, especially residential, development in the neighborhood.
So far, it’s worked. A number of multifamily developers, including Hanover Co. and California Home Builders, have been proposing large residential projects in the area. The owner of the Mall of America is also in the process of buying one of the largest redevelopment sites in the area — a 47-acre former rocket engine manufacturing complex.