April 29, 2016
Houston-based Transwestern is reportedly close to buying State Farm’s 2.3-million-square-foot regional hub in a sale-leaseback transaction. The price for the corporate campus, located in Richardson, TX, is $825 million. If sold, the deal could be the single largest transaction in North Texas history.
The potential deal was expected to attract international and overseas investors because of State Farm’s credit worthiness. As part of the sale-leaseback, the insurance company was expected to sign a long-term lease with the new owner of the property, which is near North Central Expressway/U.S. 75 and President George Bush Turnpike, near Dallas.
Transwestern currently manages the four-tower regional campus, which is scheduled for completion later this year. The campus will eventually house 8,000 employees.