20TH CENTURY BREAKS GROUND; WARNER CENTER COMPLEX TO PROVIDE OFFICE SPACE FOR 1,200 WORKERS.Byline: Chris J. Parker Daily News Business Editor Barely four years after the Northridge Earthquake The Northridge earthquake occurred on January 17, 1994 at 4:31 AM Pacific Standard Time in the city of Los Angeles, California. The earthquake had a "strong" moment magnitude of 6. nearly bankrupted the company, officials with 20th Century Industries broke ground Thursday for a $100 million 273,000-square-foot office tower next to the company's headquarters. 20th Century expects to house 1,200 of its 2,300 workers in the Warner Center complex when the 11-story building is completed in December 1999. Many employees in the new tower will be transferred from five nearby offices that the auto insurer began leasing when it ran out of room at its main office a decade ago. In addition, more employees are being hired to handle the increased business that 20th Century expects when it begins offering automobile insurance in Nevada, Washington and Oregon before the end of this year. It entered the Arizona marketplace two years ago. ``This (new office tower) means . . . not only are we back and recovered strongly . . . but we have a commitment to the future,'' 20th Century Chief Executive William L. Mellick said before the ceremonies. Mellick said the company began planning an expansion of its headquarters more than 10 years ago. But when the Northridge Earthquake struck in 1994, expansion plans were shelved as $1 billion in claims threw 20th Century's viability into jeopardy jeopardy, in law, condition of a person charged with a crime and thus in danger of punishment. At common law a defendant could be exposed to jeopardy for the same offense only once; exposing a person twice is known as double jeopardy. . Insurance giant American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of gave the company an infusion of cash to keep it afloat in exchange for a 43 percent stake plus the ability to buy more shares on the open market. AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group announced last month it was exercising those options and had enough shares to own more than 50 percent of 20th Century. ``All the way through the process, (AIG leaders) were aware we had been looking (to expand), and they have been totally supportive of our going forward,'' Mellick said. Tishman International is the developer of the project, described as the largest private office development in the city of Los Angeles
The Warner Center complex occupied by the two towers will be renamed the 20th Century Plaza, and a courtyard For alternative meanings of the word "court", see: Court (disambiguation). A court or courtyard is an enclosed area, often a space enclosed by a building that is open to the sky. will be built between the towers and a new six-level parking structure. 20th Century has signed a 15-year lease on the new tower. The company is scheduled to fill only seven of the new tower's 11 floors, but it has options to take the top four floors as well. CAPTION(S): Photo PHOTO (Color) William L. Mellick, chief executive of 20th Century, shakes hands with architect Scott Johnson Scott Johnson may refer to:
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