Financial services firm Primerica has signed a long-term lease agreement to relocate into a 344,476-square-foot building under development by Duke Realty (NYSE: DRE
) in Legacy, 111-acre office park near Interstate 85 in Gwinnett County, GA.
Primerica and Duke expect the build-to-suit development on 30 acres, named Primerica Parkway, to be ready for occupancy in April 2013. The decision keeps Duluth, GA-based Primerica, the county's fourth-largest private employer with about 1,800 employees, in Gwinnett.
The company, which provides life insurance, mutual funds and other financial products, will occupy less space in the county after the move than it does currently at 3100 and 3120 Breckinridge Blvd., where it has maintained its headquarters since 1985.
Primerica’s current campus includes leases on 10 separate buildings covering 385,217 square feet. All of that space will be vacated when Primerica consolidates all operations into the single three-story building with two connected wings.
"After 25 years in our existing location, the current economic environment provides an opportune time for us to move into a significantly improved facility with only a modest change in our underlying economics," said Primerica Chairman Co-Chief Executive Officer Rick Williams.
Georgia Governor Nathan Deal and Gwinnett County Chairman Charlotte Nash applauded Primerica’s decision to stay in the county. Williams said the move provides space for additional employees over the years if needed.
Wakefield Beasley will design the project and Duke Realty will serve as general contractor. Primerica was represented by Travis Jackson and Sam Hollis with Cushman & Wakefield, and Duke Realty was represented by Craig Flanagan.