Wednesday, August 10, 2016

GEICO sells former regional HQ tower in Farmers Branch

The former GEICO building was built in 1984 
Insurance giant GEICO has sold its former regional headquarters in Farmers Branch
The 240,000-square-foot office building at 4201 Spring Valley Road north of LBJ Freeway was built in 1984 and has 14 floors.
JP Realty Partners bought the building in a sale negotiated by Tom Lynn. Nick Lee and Kent Smith of NAI Robert Lynn along with Griff Bandy of NAI Partners.
Terms of the sale were not disclosed. The building is valued for taxes at almost $12 million.
GEICO is moving its 1,600-worker operation from Farmers Branch to the former Fossil headquarters on Greenville Avenue. NAI Robert Lynn and NAI Partners arranged Geico's move to Richardson.
GEICO will join State Farm Insurance, Blue Cross Blue Shield of Texas and Travelers as major insurance employers in Richardson. 
GEICO is part of the Berkshire Hathaway family of companies and is the second-largest auto insurance company in the United States.
JP Realty Partners owns several Dallas area office buildings.
Written by Steve Brown/Dallas Morning News