Teledyne relocates but stays within familiar confines of Century City.

Big Century City-based defense contractor Teledyne Inc. will relocate its corporate headquarters offices to a higher-profile nearby highrise complex from the tower that's been its home for the last 27 years.

A diversified manufacturing firm that has become one of the nation's biggest defense contractors -- and has recently been the subject of negative publicity over alleged cheating on government contracts -- Teledyne will join several other high-profile firms at Century City's signature twin highrise complex, Century Plaza Towers.

The Fortune 500 company's international corporate headquarters offices have been housed on the 18th floor of the nearby 1901 Avenue of the Stars tower for the past quarter century.

Teledyne agreed to lease 50,292 square feet on the 14th and 15th floors of Century Plaza Towers' south highrise -- 2049 Century Park East -- for 16 years. Also to join the headquarters staff are employees now housed at a Teledyne Controls office in West L.A.

No financial details were revealed, but real estate sources estimated the deal is valued at between $15 million and $20 million.

The firm still has several years remaining on its lease of about 35,000 square feet at the 1901 tower, but most of that space has been subleased to the L.A. Suites executive suites operation, noted Larry Rieder of Teledyne's real estate brokerage, Langdon Rieder Corp.

Rieder's firm negotiated the corporate headquarters relocation -- which includes options to expand by another 25,000 square feet -- and is subleasing the current headquarters space. Teledyne is expected to make the move next March.

Rieder noted that his client's primary motivation for the move was to take advantage of soft office market conditions.

Added Teledyne Corporate Real Estate Manager Bill Suits, "This transaction reflects Teledyne's continuing commitment to pro-active asset planning. The move is designed to achieve the most efficient and cost-effective use of company real estate assets while maximizing quality, flexibility and function."

Teledyne's headquarters staff, totaling only about 250, oversees a highly diverse group of entities that run 100 separate factories making products ranging from sophisticated aircraft to Water Pik shower massages -- and collectively generating about $2.4 billion in sales annually.

Teledyne's relays division in Hawthorne also employs about 200. Last August, the firm announced plans to sell its electronics systems division, which employs about 1,000 at its Northridge plant and another 200 in Newbury Park, to Litton Industries Inc. Teledyne will continue to own the facility, the announcement stated.

A recent profile on the firm and its high-profile problems -- shareholder lawsuits, "whistle blowers," federal indictments -- notes that the current headquarters door bears nary a corporate logo.

In the wake of the negative news, Teledyne early last year named Donald Rice, who had been Air Force Secretary under President George Bush, as the firm's president and chief operating officer. Rice also headed Santa Monica think tank Rand Corp. for 17 years.

Larry Rieder as well as Brian Davies and Chris Maglino of Langdon Rieder Corp. represented Teledyne in the lease negotiations. John Ollen and Scott Chalmers of Premisys Real Estate Services negotiated on behalf of Delta Towers Joint Venture, the entity that owns Century Plaza Towers.