State Farm selling Greeley buildings

GREELEY – State Farm Insurance is in the process of selling 23 buildings in 18 locations that house operations centers across the country, including three buildings it owns in Greeley.

The company will immediately lease back the properties and continue operations as usual, according to Angela Thorpe, spokesperson for State Farm. No layoffs are planned at this time.

The goal is to avoid any interruption in operations, Thorpe said.

The Greeley operations center consists of three buildings, located at 1555 Promontory Circle.

A buyer for the portfolio, which includes properties from Bakersfield, Calif. to Boston, has not yet been agreed upon, Thorpe said, but the company is seeking a buyer for the portfolio.

State Farm has 55 operations centers nationwide, and owns more than 100 buildings across the country.

All of the buildings for sale in the current offering will be leased back immediately, for as long as 15 years, with five-year options after that.

“This doesn’t indicate any changes other than real estate strategy,” Thorpe said.

State Farm’s intent is to own fewer buildings, she said, because it allows them more operational flexibility.

“Operational flexibility includes all the things we may need to adjust quickly – processes, systems, staffing, training – so that we may anticiapte and respond to customers’ changing needs,” Thorpe said.

The insurance giant, based in Bloomington, Ill., plans to expand its operations in Atlanta, Phoenix and Dallas metro areas, according to media reports.

Meanwhile, the company downsized its operations in Jacksonville, Fla. and El Paso Texas.

The Greeley State Farm operations center is one of the largest privately-held employers in Northern Colorado, with 1,300 employees.

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