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Providence Road Development


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39 minutes ago, DonkeyKong said:

Maybe Allstate needs more space in the long term than the Railyard could offer? Seems like the market will be fluid until Covid is under control. 

https://www.bloomberg.com/news/articles/2021-10-08/allstate-to-sell-chicago-hq-as-insurer-embraces-remote-work

Allstate transitioned to a remote-first environment. 

 

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1 hour ago, DonkeyKong said:

Maybe Allstate needs more space in the long term than the Railyard could offer? Seems like the market will be fluid until Covid is under control. 

Insurance companies nationwide are shedding lots of space and send many of their employees home.  State Farm in Atlanta gave up 300K of newly built space and subleased it.  Nationwide Insurance sold their building in Raleigh and sent everyone home.  Insurance companies are cheap I know I worked for one in my past! 

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1 hour ago, KJHburg said:

Insurance companies nationwide are shedding lots of space and send many of their employees home.  State Farm in Atlanta gave up 300K of newly built space and subleased it.  Nationwide Insurance sold their building in Raleigh and sent everyone home.  Insurance companies are cheap I know I worked for one in my past! 

I agree.   Thought it was interesting that they vacated this space, sold their hq property in Chicago , and riverside came to town with a proposed southend development all in a short period of time.  I’m not plugged into the development circles in clt, but just an observation from the outside.

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5 minutes ago, DonkeyKong said:

I agree.   Thought it was interesting that they vacated this space, sold their hq property in Chicago , and riverside came to town with a proposed southend development all in a short period of time.  I’m not plugged into the development circles in clt, but just an observation from the outside.

I have not thought of that but that is true I heard Allstate sold their HQ.   Carvana leased that State Farm space in Atlanta.  State Employees Credit Union bought the Nationwide building in Raleigh for their own use.  

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15 hours ago, KJHburg said:

Insurance companies nationwide are shedding lots of space and send many of their employees home.  State Farm in Atlanta gave up 300K of newly built space and subleased it.  Nationwide Insurance sold their building in Raleigh and sent everyone home.  Insurance companies are cheap I know I worked for one in my past! 

That's definitely true.  Once exception is Chubb, which just signed for 240k sf at over $100/sf at 550 Madison.   I expected a hedge fund to take that space -- not an insurer.

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1 hour ago, SydneyCarton said:

That's definitely true.  Once exception is Chubb, which just signed for 240k sf at over $100/sf at 550 Madison.   I expected a hedge fund to take that space -- not an insurer.

Evan Greenberg is CEO of Chubb since their "merger" with ACE. He's the son of Hank, former CEO of AIG in their "glory days" (which included bid rigging and other accusations of malfeasance), before they were bailed out by taxpayers. Chubb pre-merger would never have taken that space.

I've worked for the same insurance company for 35 years. Our corporate guidelines don't allow local budget-minded SVPs to lease anything less than Class A space. Currently, our Uptown space built out for ~50 houses 1...me. In the future, I expect all of our leases to reduce office space by 50% (which we've already done in the Bay Area). 

FWIW, our reasons for embracing work from home are 1. Employee retention (we are still losing employees who don't want to come in the required 1 day a week on average, post Omicron) 2. Top executives who also prefer working from home.  Thus far, we've realized little savings (aside from the Bay Area lease). 

 

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9 hours ago, JBS said:

Evan Greenberg is CEO of Chubb since their "merger" with ACE. He's the son of Hank, former CEO of AIG in their "glory days" (which included bid rigging and other accusations of malfeasance), before they were bailed out by taxpayers. Chubb pre-merger would never have taken that space.

I've worked for the same insurance company for 35 years. Our corporate guidelines don't allow local budget-minded SVPs to lease anything less than Class A space. Currently, our Uptown space built out for ~50 houses 1...me. In the future, I expect all of our leases to reduce office space by 50% (which we've already done in the Bay Area). 

FWIW, our reasons for embracing work from home are 1. Employee retention (we are still losing employees who don't want to come in the required 1 day a week on average, post Omicron) 2. Top executives who also prefer working from home.  Thus far, we've realized little savings (aside from the Bay Area lease). 

 

After looking at Allstate’s hq online I’d want to work remote too.

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  • 2 months later...
10 hours ago, SydneyCarton said:

What was there before?

The Providence Square shopping center and the adjacent apartments are prime development sites.  

I think it was just some single family homes on large lots. 

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