Real Estate: Fresh digs for Des Moines city government
Employee volunteerism, community giving and environmental responsibility are just some of the ways Nationwide extends its caring culture beyond its business. And now, the recently announced sale of Nationwide’s 1200 Locust Street building to the City of Des Moines is another demonstration of this commitment.
“Nationwide was pleased when the City approached us with interest in the building,” says Kieran Sherry, SVP, Corporate Real Estate at Nationwide. “This opportunity fulfills our intent to support our business needs while finding ways to repurpose office space for other uses that benefit downtown Des Moines and the broader community.”
City officials said relocating government operations from five locations to the former Nationwide building would result in substantive benefits that include improved government efficiency, an upgrade of outdated and overcrowded facilities, a reduction in surplus downtown office space and the future economic development of two City buildings located along the Des Moines River.
“We remain fully committed to Des Moines and have already consolidated our in-office based associates into the 1100 Locust building,” Sherry notes.
With the new hybrid workforce model Nationwide was actively marketing the 1200 Locust Street building and the associated Mulberry Street garage. The sale to the City of Des Moines is subject to appropriate due diligence and City Council approval.
Here’s Nationwide’s complete media statement on the proposed transaction:
Nationwide is strong, stable and on a path to significant long-term growth and expansion.
As the company continues to implement its new hybrid workforce model announced in April 2020, it needs less office space.
As part of these efforts, we have been actively marketing the 1200 Locust Street building and the associated Mulberry Street garage over the past few years to many potential partners, including the City of Des Moines.
Under the terms of the proposed agreement, this acquisition by the city would provide transformational space for Des Moines city government and would fulfill Nationwide’s intent to sell the office space for other uses that benefit downtown Des Moines and the broader community.
Nationwide was thrilled when the City approached us with interest in the facility. It has been important for us to find a partner as committed to the community and ongoing growth of the city—and the surrounding neighborhood—as we have been.
Nationwide remains fully committed to Des Moines. 1100 Locust Street continues to be a key facility for us, and we have no plans to vacate that building. Nationwide has consolidated its in-office based associates into 1100 Locust Street (732,000 square feet). The company employs 25,000 associates across the country, with roughly 3,000 based in Iowa.
The proposal is subject to appropriate due diligence and City Council approval. If approved, the City and Nationwide plan to close on the 1200 Locust building purchase second quarter of 2023 and stagger the close on the garage by the end of 2025.