State Farm Insurance is considering selling off its new regional hub in Richardson in a deal that could be valued at more than $800 million.
Aside from the 2 million-square-foot facility, the insurer is also looking to sell two other similar hubs in Atlanta and Phoenix.
Eastdil Secured is expected to help State Farm put the Richardson hub up for sale in the market.
State Farm acquired the four-tower regional hub after purchasing developer KDC’s interest in the property.
"It is State Farm’s intent to sell all four buildings in a sale/leaseback transaction in the first half of 2016," said State Farm spokesman Chris Pilcic, confirming the company’s intent to sell the properties. "Real estate investments help us keep our promise of financial strength to customers," he added.
The regional hub, according to some sources, is considered prime real estate due to its strategic location. Capable of housing around 8,000 employees, it lies just right inside the $1.5 billion mixed-use community being developed by CityLine near the North Expressway and the President George Bush Turnpike.
With the right deal, the campus can be sold for $350 to $400 per square foot, or a total of $700 to $800 million.
Should it manage to close a deal with investors or a real estate trust, State Farm Insurance is to lease back the campus in a long-term agreement.
