State Farm® To Be Major Tenant in $600 Million Office Complex
TEMPE, Ariz. (May 24, 2013) – The City of Tempe announced today that Ryan Companies US, Inc. and Sunbelt Holdings will develop a site owned by ASU adjacent to Tempe Town Lake, subject to City Council approval of development agreement details in the coming month. State Farm will lease office space and anchor the multi-use development.
The Marina Heights project in Tempe will be the largest office development deal in Arizona history, with more than 2 million square feet to be constructed on more than 20 acres. Construction costs are estimated at $600 million. Additionally, 40,000 to 60,000 square feet of retail amenities will complement the transit-oriented development, including food service, coffee shops, restaurants, business services, and fitness facilities. The site will also feature an approximately 10-acre lakeside plaza, which will be open to the public.
“This is a proud day for Tempe and everyone involved. We are tremendously excited about what the addition of State Farm will mean to our community over the decades to come,” said Tempe Mayor Mark Mitchell. “These employees, buildings, and amenities will further contribute to and showcase the vibrancy of Tempe Town Lake, Mill Avenue, and Arizona State University, and serve as a catalyst for more high-quality development.”
“We are thrilled that State Farm will be expanding in Arizona,” said Governor Jan Brewer. “The jobs that will be created to make this project a reality will be a tremendous boon to our economy. This is a great example of how our plan to build an Arizona that is attractive to high value employers is hitting the mark.”
The five-building campus will be leased by State Farm and become a hub to include a combination of new hires and existing employees who will provide claims, service, and sales support to State Farm customers.
“State Farm selected Tempe because it has a growing population with skill sets that match our customers’ needs,” said Mary Crego, Senior Vice President, State Farm. “The site along Tempe Town Lake gives our employees access to nearby amenities as well as easy connections to public transportation.”
“We look forward to having State Farm as a neighbor and to working with the company on a variety of programs including employee recruitment and academic programs for their staff,” said ASU President Michael M. Crow. “State Farm’s decision to lease the land owned by the university immediately adjacent to the ASU Athletic Facilities District is the first major step in the campaign to fund new and renovated sports facilities for the university. The Athletic Facilities District will be home to an exciting mixed-use development reflecting high quality and the best practices of sustainability. A high stature tenant such as State Farm will add to the luster of the district and validates its attractiveness.”
The project is being developed by Ryan Companies US, Inc. and Sunbelt Holdings. Tempe-based architectural firm DAVIS designed the project.
About State Farm
State Farm and its affiliates are the largest provider of car insurance in the U.S. and is a leading insurer in Canada. In addition to providing auto insurance quotes, their 17,800 agents and more than 65,000 employees serve 81 million policies and accounts – more than 79 million auto, home, life and health policies in the United States and Canada, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 44 on the Fortune 500 list of largest companies. For more information, please visit www.statefarm.com or in Canada www.statefarm.ca.
About Arizona State University
Arizona State University is a New American University – a major public educational institution, a premier research center and a leader in innovation. Our vision is described by our three core principles: excellence in scholarship, access to education and impact in our global community. As a New American University, ASU is intellectually vibrant, socially conscious and globally engaged. For more information, please visit www.asu.edu.
About Sunbelt Holdings
Sunbelt Holdings has been a recognized leader in real estate development, management and investment throughout the Southwest since 1979. Over the years, the firm has gained an understanding of the area’s unique characteristics that only time and experience can teach. Sunbelt entered the local market more than 30 years ago with a strong presence in commercial development and asset management. Early projects like the Phoenix Gateway Center remain successful icons. Recent acquisitions of turn-around assets have provided unique opportunities to add value in the ‘class A’ office market with the Hayden Ferry Lakeside project in Tempe, and the PV|303 industrial project in the West Valley. Sunbelt also developed some of the Valley’s most beloved residential communities including McDowell Mountain Ranch in Scottsdale, Power Ranch in the East Valley and Vistancia in the Northwest Valley. In all, Sunbelt has developed over 50,000 acres of land over the past 30 years. For more information, please visit www.sunbeltholdings.com.
About Ryan Companies US, Inc.
Ryan Companies US, Inc. is a 3rd generation, family-owned national developer, designer, capital investment consultant, builder, and real estate manager specializing in fully integrated solutions for more than 75 years. Key Ryan market sectors include: office, retail, distribution, mission critical, public, and health care; and additional product experience includes work on mixed use, hospitality and multi-family housing. Ryan serves customers throughout the United States having completed over 170 projects in the past 5 years. Ryan has offices throughout the country in the NorthCentral, Midwest, Great Lakes, SouthEast, SouthCentral, and SouthWest regions. Ryan’s SouthWest Region has developed over 20 million square feet since opening its Phoenix office in 1994. For more information, please visit www.ryancompanies.com.
Robert Villegas, State Farm, 480-293-6018
Virgil Renzulli, ASU, 480-965-8526
Heidi Kimball, Sunbelt Holdings, 480-609-2304
Sara Dial, Ryan Companies US, Inc., 480-205-6034