State Farm Closes Deal on Land for Central Perimeter Campus

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What a State Farm campus could look like in Central Perimeter

State Farm has taken over the Central Perimeter submarket, and plans released this week show us that they are just getting started. State Farm has absorbed more than 1 million square feet of office space since the beginning of 2012, and they are about increase that number in a big way.

The insurance giant has purchased 3.9 acres of land along Perimeter Center Parkway, just south of the Dunwoody MARTA station. This parcel was most recently owned by Barry Real Estate and Rubenstein Partners. State Farm paid more than $32 million for the undeveloped land, a price more typical of what would be paid in the Midtown of Downtown submarkets. This purchase means that State Farm now controls 17 acres at the corner of Perimeter Center Parkway and Hammond Drive. The land is zoned for 2 million SF of new development, including a 585,000 office tower, a 200-room hotel, a 350,000 SF office building, and two 30-story residential towers. Most speculate that the city will put up very few barriers in having this land rezoned to better suit State Farm’s needs.

 

State Farm is performing similar regional consolidations in Dallas, TX and Phoenix, AZ. The proposed campus in TX is expected to encompass about 1.5 million SF; the complex in Phoenix sits at about 2 million SF. Each of these locations employs about 8,000 people respectively.

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