Aetna Moving to The Arbors

Ken Ashen of the Sherman Oaks office of CBRE says the deal brings leasing to 73% at the 16-acre office park, which is owned by Arbor-Thousand Oaks Investors LLC, a joint venture of The Hileman Co. LLC and Paladin Realty Partners LLC (formerly William E. Simon & Sons Realty). Ashen was part of a CBRE team including Michael Slater, Tom Dwyer and Nick Gregg that represented the building owner in the seven-year, $5.7-million lease. Aetna Life Insurance Co. was represented by Dana Mahoney of Jones Lang La Salle Americas.

The Arbors project is being developed along the Ventura Freeway (101), in the center of the thriving Conejo Valley Technology Corridor. The development will ultimately comprise four buildings totaling 265,000 sf. The other major tenant currently in the complex is SkyWorks Solutions, a technology firm that occupies one entire building. The CBRE team is now pre-leasing the 68,000-sf Building III, with construction on that building expected to start in early 2004.

Ashen says factors driving Aetna's decision to relocate to the new development included access to a large and high-quality workforce. Aetna is one of the nation's largest providers of health, dental, group life, disability and long-term care benefits. With its national headquarters in Hartford, CT, the company operates nationwide networks of more than 590,000 health care services providers, including more than 355,000 primary care and specialist physicians and 3,577 hospitals.