The State Farm campus in Johns Creek, a 530,000 SF development, has been sold to US Realty Advisors, although State Farm plans to remain as a tenant and lease the space. US Realty Advisors, who paid approximately $134 per square foot for the insurance giant’s campus, has been involved in numerous corporate lease-back deals, including Cracker Barrel, Yum! Foods, and Nestle.
All of this comes as State Farm prepares to unleash a tornado of development on the Central Perimeter submarket. State Farm recently purchased a nearly 4 acre site across from Chequers Seafood Grill that is zoned for a 585,000 SF tower, as well the Hammond Exchange site, which includes undeveloped land zoned for a 350,000 SF tower. When it’s all said and done, these State Farm developments could house as many as 8,000 employees. This would make Atlanta one of State Farm’s largest hubs, alongside Phoenix and Dallas.Share