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GLENDALE, CA-A commercial insurance company has signed a 15-year deal valued at more than $12 million for about 45,000 sf of office space at the 505 N. Brand office complex here.

Terms call for Arthur J. Gallagher & Co. to occupy space that was used by health-insurer Cigna and then, briefly, by entertainment conglomerate Warner Brothers. CB Richard Ellis Strategic Investors, an arm of LA-based CB Richard Ellis, bought the building from Tokyo’s Shuwa Investments Corp. last year for $55 million.

CB Richard Ellis recently moved into roughly 10,000 sf of the 16-story office tower’s ground floor. That move, coupled with Gallagher’s new lease, pushes the 312,000-sf development’s occupancy rate to nearly 90%.

Insurer Gallagher will relocate from its current quarters in Warner Center. Clayton Hovivian of Cushman & Wakefield represented the tenant. Dough Marlow of CB Richard Ellis represented the landlord, SP Glendale LLC.

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