Farmers Insurance Exchange | National Claims Center


Property Description:
The Property is leased to Farmers Insurance Exchange, one of the insurers comprising Farmers Insurance Group that provides automobile, homeowners, personal umbrella and business owners insurance. The Property is a Class A, two-story office building totaling 102,035 rentable square feet of space. The Property was originally constructed in 2007 and has a parking ratio of 4.92 spaces per 1,000 square feet. Additionally, the Property benefits from a strong presence at the entrance to the Corporate Ridge Office Park. The 77-acre park includes five office buildings and features the full-service 112,000 square foot Health Ridge Fitness Center. 

Business Essential Attributes:
The Tenant utilizes the Property as its National Property Claims Facility - the only facility of its kind in the United States. Operations at the Property include the National Property Claims Unit, the Catastrophe Response Team, Logistics Corps, Kansas and Missouri Property Claims, and the satellite operations of the University of Farmers that oversees initial training of staff. In 2000, Farmers began centralizing portions of its nationwide claims operations in Olathe, Kansas. After a series of expansions, the Company has grown from 1,000 to over 2,500 employees locally—the largest private employer in Olathe. In addition to the operations at the Property, the Company leases approximately 290,000 square feet across five buildings within a three mile radius. These additional facilities are utilized for underwriting for the western United States, the Farmers Credit Union and non-claims related/back office administrative support.

Additional Property Information:
The Property is subject to a “payment in lieu of taxes program” (“PILOT”) with the City of Olathe. This structure was set up to reduce taxes for the building Owner and the Tenant, and at the time, to promote development and maintain jobs in the area. The PILOT program exempts the Property from real estate taxes for a period of 10 years and instead, requires a payment in lieu of taxes in the amount of 45% of the ad valorem taxes which would have otherwise been due absent of this arrangement.

Farmers Insurance Exchange | National Claims Center

Olathe (suburban Kansas City), Kansas

PROPERTY AT A GLANCE

Property Type: Office
Square Footage: 102,035

Lease Expiration: 
March 31, 2024
Renewal Option(s): 
Two 5-Year options with nine months' notice at 95% Fair Market Rate.
Rent Increase(s): 
10% increase in October 2018
Tenant: Farmers Insurance Exchange (S&P: A+)
Website: www.farmers.com/exchange

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The Griffin Capital Essential Asset REIT website is available for use subject to its Terms and Conditions and our Privacy Policy. Please click on the highlighted terms to review these. To review a summary of the risk factors related to an investment in the Griffin Capital Essential Asset REIT program click here.

This material must be read in conjunction with the applicable prospectus in order to understand all the implications and risks of any offering of securities to which the material relates. If you have not previously reviewed a prospectus, click here. Otherwise, to proceed, agree to the Terms and Conditions and Privacy Policy of this website.