Hollywood developer CIM Group on Monday said that it has agreed to buy Farmers Insurance Group's longtime headquarters on Wilshire Boulevard.
Terms were not disclosed. The sale comes as part of Farmers' move of its regional headquarters from the Park Mile neighborhood to Warner Center in Woodland Hills. Farmers will continue to lease space from CIM Group as it gradually moves more than 1,400 workers to the new offices.
“Our transition will be a phased and methodical process over several years. Today’s announcement is a key milestone in that process,” Farmers Chief Executive Jeff Dailey said in a statement.
CIM Group did not say in the announcement what it intends to do with the property. Farmers said last June that one reason for moving was to avoid the cost of a needed seismic retrofit on the Wilshire site, which was built in 1937.
The 10-acre property is comprised of four city blocks on Wilshire in the Hancock Park-Windsor Square area.
“This is an unparalleled opportunity to acquire a substantial property on Wilshire Boulevard in this desirable neighborhood,” Shaul Kuba, CIM's founding principal, said in a statement. “We are pleased to have worked with Farmers Insurance on this transaction, and that it will continue as a tenant at the property until it has completed its transition.
It’s the latest big acquisition by CIM, best known as the developer of the Hollywood and Highland shopping and entertainment complex. In February, the company acquired Two California Plaza, a financially troubled trophy office tower on Bunker Hill.