KDC TO DEVELOP FOURTH OFFICE BUILDING TO BE LEASED BY STATE FARM AT CITYLINE

State Farm expands CityLine presence by 500,000 square feet, bringing total leased space to 2 million square feet in four buildings

RICHARDSON, Texas – February 14, 2014 – KDC today announced it will develop a 500,000-square-foot building, to be leased by State Farm, at the developer’s CityLine mixed-use project in Richardson, Texas. The facility is the fourth building at CityLine to be leased by State Farm, bringing the company’s total leased space to 2 million square feet in the development.

“This is a significant day as State Farm expands on its commitment to the CityLine project and the community of Richardson,” said Steve Van Amburgh, CEO of KDC. “CityLine will be one of the premier mixed-use projects in the country and we are thrilled that State Farm is part of it.”

The new facility will consist of a 12-story office building situated above a five-level parking structure and approximately 30,000 square feet of ground floor retail space. The building will be located at the northeast corner of State Street and Plano Road, directly across Plano Road from the three previously-announced buildings leased by State Farm, which are currently under construction. Construction on the fourth facility will begin in summer 2014 with completion slated for mid-2016.

In July 2013, KDC announced that State Farm would lease 1.5 million square feet in the first three office buildings at CityLine. The Class A office buildings consist of a 13-story building, 15-story building and 21-story building.  Each building is situated on a five-level parking structure along with ground floor retail space.

State Farm will use the CityLine facilities beginning late 2014, with moves occurring throughout 2015. State Farm also confirmed today that some employees from their Dallas Operations Center will move to CityLine when the space is ready and that the Operations Center is under contract to be sold.

“We work hard to make Richardson a business friendly community and that combined with our access to highly skilled workers and major transportation hubs is what makes us the most sought after location for office development in the Metroplex today,” said Richardson Mayor Laura Maczka. “CityLine is going to be a phenomenal addition to attract quality development, and this latest announcement by KDC and State Farm has us very excited about the long-term impacts CityLine will make on our local and regional economy.”

KDC has already begun the initial phase of the 2.3 million-square-foot CityLine mixed-use development with completion scheduled for 2015. The project features dense urban development set in a comfortable and accessible environment.  The focal point of the initial phase will be CityLine Plaza, a centrally located urban plaza designed by the Office of James Burnett, the landscape architect of Dallas’ signature Klyde Warren Park.  The natural looking landscaped plaza will offer open space for outdoor concerts and festivals, shaded gathering spots for meetings or meals and inviting walkways for enjoyable pedestrian experiences.  More than 92,000 square feet of retail, restaurant and entertainment venues with sidewalk cafes and patio seating will frame CityLine Plaza and State Street.

“CityLine will be a regional attraction with a unique level of access throughout the Metroplex,” said Richardson Chamber of Commerce CEO and President Bill Sproull. “Its location provides it direct access to the President George Bush Turnpike, Central Expressway, and DART Bush Turnpike Station. Its proximity to I-635, DFW International Airport, and Love Field also help position the State Farm campus and CityLine development to benefit from the best Richardson’s transportation corridors have to offer.”

“The level of amenities that will soon be available on this site will be almost unparalleled from anything you can find anywhere else in the Metroplex,” said Richardson City Manager Dan Johnson. “It has truly been a regional effort working with many partners at the state, county and local level to make this project happen, and we look forward to the many services that will be provided at CityLine and to the new neighbors we will have on the State Farm campus.”

A contemporary 150-room select service hotel will also be developed, along with 532 new urbanism multi-family residential units, a 17,000-square-foot wellness and fitness facility, and a 41,000-square-foot boutique office building. A 3.5 acre park will offer an attractive local amenity, as well as connect runners and cyclists to a trail system that runs as far south as White Rock Lake.

At full build-out, CityLine will contain approximately six million square feet of office space, two hotels, 3,925 multi-family residential units, 300,000 square feet of grocery, restaurant, entertainment and retail space, and three parks.

Randy Cooper and Craig Wilson with Cassidy Turley represented State Farm. Corgan is the project architect and Kimley-Horn and Associates is the civil engineer. Financing is provided by a syndicate of lenders lead by JPMorgan Chase.

 

About State Farm®
State Farm and its affiliates are the largest provider of car insurance in the U.S. and is a leading insurer in Canada. In addition to providing auto insurance quotes, their 17,800 agents and more than 65,000 employees serve 81 million policies and accounts – more than 79 million auto, home, life and health policies in the United States and Canada, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 44 on the Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.