The deal, which is expected to be completed in July, won't change much for State Farm's workers. The insurer will remain in the building under a longterm lease, and State Farm and its development partner KDC have already started construction of the second of what is expected to be at least three towers on the site.
Park Center I opened late last year. The complex is similar to two other national operations center State Farm has built in metro Phoenix and the Dallas area. A unit of Transwestern recently acquired the Texas complex in a similar sale-lease back transaction.