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IRVINE, CA-One of the largest insurers based in Southern California has signed a lease worth more than $30 million to move its headquarters from one office complex to another that’s just a few hundred yards away.

Terms of the deal call for Balboa Life & Casualty to take about 109,000 sf of office space in Park Place, the former headquarters of engineering conglomerate Fluor Corp. The office complex, sheathed in reflective blue glass, is a familiar sight to commuters on the San Diego (405) Freeway who pass by the Jamboree Road exit.

A company spokesperson says the move is required because the insurer has simply outgrown the 87,000 sf it has occupied for years in a building next to the Citicorp Tower on nearby Teller Ave. The move will be completed early next year and allow Balboa to expand its workforce to 500 from its current 350.

A few dozen of the insurer’s employees are already working in temporary space at Park Place. Balboa Life is a unit of Calabasas-based lending and financial-services giant Countrywide Credit Industries Inc.

Steve Card of LA-based Travers Realty represented Balboa in the transaction. The Winthrop West Coast Realty affiliate of Winthrop Management, which handles leasing duties at Park Place, represented owner Jamboree LLC.

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