The blogosphere is all abuzz and atwitter following local news reports that State Farm is continuing negotiations to lease the Russell Investment building and other Class A spaces nearby to house about 2,000 workers for claims processing.
While few folks at the table are talking on the record about the negotiations, word has trickled out since January. The latest news blitz comes after Frank Russell Investments negotiated an early termination of its lease with the building’s owner Ilahie Holdings that took effect in March. That deal frees up the building for a new tenant, or tenants, sooner rather than in the fall, when the original lease was set to run out.
Landing a major tenant for the anchor building and some surrounding offices would mean the landmark building would have workers again and downtown restaurants and retailers would see an influx of potential customers during a time when much of nearby Pacific Avenue is under construction.