Health Net Signs $100-Million, 10-Year Lease

Woodland Hills-based Health Net has signed one of the largest office leases in the Los Angeles area this year, a $100-million, 10-year deal in which the company will lease 288,000 square feet at LNR Warner Center, which is under construction in Woodland Hills, with options for 112,000 square feet more.

Health Net will relocate 1,700 Woodland Hills employees to two buildings, each 178,000 square feet, at the northeast corner of Canoga Avenue and Burbank Boulevard. The buildings are the $70-million first phase of a project being developed by Irvine-based Lennar Partners that will eventually include eight office buildings, several restaurants and a day-care center. The first of the two buildings is nearing completion, and construction has just begun on the second. Health Net is scheduled to move in late 2001 and early 2002.

The brokers who represented Health Net included Patrick Nally, Bradley Feld and David Hasbrouck of Cushman & Wakefield. Lennar was represented by John Sabourin and Marc Spellman, formerly of Lee & Associates, along with consultant Ric Kern of Windward Properties and Lennar Partners Vice Presidents R. Lang Cottrell and Kevin Read.