Farmers Insurance Group, a fixture on Wilshire Boulevard since the 1930s, is moving its headquarters to the San Fernando Valley, the company announced late Tuesday.
The Los Angeles provider of home, life and auto insurance said the decision was made to avoid the cost of a needed seismic retrofit of its landmark Park Mile headquarters, which was constructed in 1937.
The Wilshire building will be sold and the 1,400 workers based there will relocate to Farmers' Warner Center offices at 6301-6303 Owensmouth Ave. in Canoga Park.
“We were looking at having to do some expensive and time-consuming renovations to be able to stay in" the Wilshire location, said spokeswoman Erin Freeman. “We decided it would be better to move into a newer, more modern location.”
Farmers, which was founded in 1928, was acquired by Zurich Financial Services Group of Switzerland in 1998. Farmers has had a presence in Warner Center since 2011, when it consolidated its Simi Valley office with 21st Century Insurance, which it acquired in 2009.
The company signed a lease through 2027 for the 274,000 square feet that it currently occupies at what is now called Farmers Plaza, according to Freeman. Terms of the deal were not disclosed.