The State Farm story just keeps getting bigger and better. Last fall, the insurance giant leased 400,000 square feet of former Citigroup space along Interstate 635 in Las Colinas. It also took about 290,000 square feet of former Bank of America space in Richardson’s Galatyn Park.
Now, State Farm has signed on for another 311,000 square feet of Bank of America space in that same four-building complex, which previously served as a corporate campus for Nortel. It will occupy three of the four buildings; Bank of America will continue to occupy the fourth.
The three leases are on top of the 1.5 million square feet State Farm is taking in KDC’s new Richardson development.
It all adds up to a whopping 2.5 million square feet of North Texas office space.
Champion Partners Buys Rest of Campus
Champion Partners owns the 1011 Galatyn Park property, where State Farm did its initial Richardson lease. The Dallas-based developer and real estate investment company has also just acquired the other three buildings in the complex, totaling about 500,000 square feet. The seller was Bank of America.
Cassidy Turley’s Randy Cooper and Craig Wilson represent State Farm and negotiated the new lease in a direct deal with Champion Partners. Cooper referred inquiries to the insurer.
Spokeswoman Patti Kelly confirmed that State Farm had leased two additional buildings at the Galatyn location, saying, “This agreement allows us to add to our current office space needs.”