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More State Farm Growth In South Announced

Fri, 14 Feb 2014 10:07:51 CST
By: Willis Kern

More State Farm Growth In South Announced
The Texas-based development company building multi-use complexes for State Farm workers in Dallas and Atlanta is announcing more expansion related to the Bloomington-based insurer. Dallas-based KDC says it will develop a mixed-use project in Richardson, Texas and lease a half-million square feet to State Farm, bringing the total State Farm leased property there to 2 million square feet. State Farm will begin using the site later this year and will transfer workers there from its Dallas Operations Center, which is now under contract to be sold. KDC also will develop a 17-acre site in Dunwoody, Georgia where State Farm will lease just over a half-million square feet while promising to add more buildings for a regional center in later years. KDC says State Farm's current Atlanta workforce is 5,000 and plans to add about 3,000 more jobs there in coming years. In a statement, State Farm only repeats its previously-stated plans to keep a "large employee presence," with a fluctuating Bloomington workforce of around 15,000. State Farm disclosed in its 2013 third quarter report to regulators that it sold 24 of its facilities during November and will lease the properties back from the buyer for terms of between five to 15 years at a total lease cost of about three-quarters of a billion dollars.

(artist rendering of State Farm expansion plans announced in Dallas last summer)

   

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