By Steve Brown
Real Estate Editor | Dallas Morning News
Geico Insurance looked at multiple office locations in Richardson, Plano and Far North Dallas before picking an office in the Telecom Corridor.
The insurance firm is moving 1,600 workers from Farmers Branch to the former Fossil headquarters on Greenville Avenue next year.
Maryland-based Geico is taking 233,000 square feet in the building, which has been vacant since 2011.
NAI Partners and NAI Robert Lynn negotiated the move, the latest in several relocations to Richardson.
“We started with a fairly intensive search for office space up and down the Dallas North Tollway,” said Tom Lynn of NAI Robert Lynn. “They wanted to stay fairly close to where they were.”
But the real estate brokers persuaded Geico to take a look at the former Fossil building in Richardson.
“We were able to find this building, which was kind of a hidden gem,” Lynn said. “They wanted a spot that would attract and retain employees.
“We studied the drive times very carefully for all their employees,” he said. “The timing of the new CityLine project and all that is going on over there opened our client’s eyes.”
Lynn said an open atrium in the building will be enclosed to provide additional workspace.
“It’s going to be the coolest environment you have ever seen,” Lynn said.
The office building was purchased in late 2014 by Orlando-based CNL Commercial Real Estate Inc. The new owner converted an adjoining warehouse building into additional parking for the campus.
Lynn and Nick Lee of NAI Robert Lynn negotiated the Geico lease along with Griff Bandy and Jon Silberman of NAI Partners and Chuck Sellers and Lauren Perry of Peloton Commercial Real Estate.
Geico plans to sell its current office building on Spring Valley Road west of the Dallas North Tollway after it makes the move, brokers say.
Geico will join State Farm Insurance, Blue Cross Blue Shield of Texas and Travelers as major insurance employers in Richardson.
And apartment industry service firm RealPage Inc. said last month it was moving 1,400 workers from Carrollton to Richardson.
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