The Company Remains Committed to Gwinnett County as It Reaches a Long-Term Lease Agreement with Duke Realty
Business Wire, September 19, 2011
Primerica today announced that it has signed an agreement with Duke Realty to lease a 344,476 square foot build-to-suit new International Headquarters, to be located on 30 acres inside Legacy, an 111 acre office park that is located in the center of Gwinnett County, Georgia, with convenient access from Interstate 85. Its main entrance will be accessible from Highway 120 and will be named "Primerica Parkway." There will be additional convenient entrances to the campus as well. Primerica and Duke Realty expect the building to be complete and ready for occupancy in April, 2013.
Primerica is the fourth largest private employer in Gwinnett, with approximately 1,800 employees. Primerica's Headquarters have, since 1985, been located in Gwinnett County at 3100 and 3120 Breckinridge Blvd. The current campus includes leases on 10 separate buildings, covering 385,217 square feet. The new facility will consolidate all of Primerica's numerous business areas and functions from the current 10 buildings into one three-story building with two connected wings, which will serve to streamline business operations and greatly enhance logistical efficiencies.
John Addison, Chairman of Primerica Distribution and Co-Chief Executive Officer, said, "This announcement marks a new day for Primerica. The new building will allow us to provide enhanced service to our 'one of a kind' financial services distribution system. It will be in a great location for members of our sales force across North America when they come to visit Atlanta and their Home Office. Our new location is at the hub of the Gwinnett County business, sports and entertainment community, and the thoughtfully designed building will be a centerpiece for our company and our employees and a showcase for our more than 90,000 representatives across North America. We wish to thank our partners at Duke Realty, Gwinnett County and Gwinnett Chamber officials for being so helpful and supportive of our move."
Chairman of the Board and Co-Chief Executive Officer Rick Williams commented, "It's a customized 'built-to-suit' plan that has been well-designed to maximize business efficiencies and enhance the many services we provide for both our sales force and our clients. We have also provided space for additional employees over the years, if needed, to be prepared for changes in the business and economic cycles. After 25 years in our existing location, the current economic environment provides an opportune time for us to move into a significantly improved facility with only a modest change in our underlying economics. The move will allow us to consolidate our associate base from 10 buildings to one streamlined facility."
"We are delighted that Primerica, one of the largest private employers in the county, has chosen to stay and expand within our community. Primerica has been a valued member of our community for years - we're pleased that Gwinnett's business environment, amenities and overall quality of life positively influenced Primerica to remain committed to Gwinnett," said Gwinnett County Chairman Charlotte Nash.
Georgia Governor Nathan Deal said, "We are elated that Primerica, a company that is economically vital to the great state of Georgia, will remain here where it was founded some 35 years ago. I want to personally thank John Addison and Rick Williams and all of the other Primerica employees for the continued commitment and pride in Gwinnett County. They are great neighbors and are a company that really believes in giving back to their community, both through charitable contributions and the great spirit of their hundreds of employees who volunteer their time to help those in need."
Chris Brown, Senior Vice President of Duke Realty's Georgia Operations, said, "Duke Realty is excited that Primerica selected Legacy for its new corporate headquarters. Our development team has commenced pre-construction activities and looks forward to partnering with Primerica, Gwinnett County, Wakefield Beasley and all of our design consultants to create Primerica's new home."
Primerica was represented by Travis Jackson and Sam Hollis with Cushman & Wakefield. Duke Realty was represented by Craig Flanagan.
Primerica, Inc. (NYSE:PRI), headquartered in Duluth, GA, is a leading distributor of financial products to middle-income families in North America. Primerica representatives assist clients in meeting their needs for term life insurance, mutual funds, loans and other financial products. In addition, Primerica provides an entrepreneurial full or part-time business opportunity for individuals seeking to earn income by distributing its financial products. Primerica insures approximately 4.3 million lives and more than 2 million clients maintain investment accounts with the company.
About Duke Realty
Duke Realty is one of the Atlanta area's largest commercial real estate companies, with nearly 13 million square feet of industrial, office and medical office space owned or managed. The company also owns and manages more than 7 million square feet of industrial space in Savannah. Duke Realty's local offices are located at 3039 Premiere Parkway, Suite 100 in Duluth. For information about Duke Realty's properties in Atlanta and Savannah, please call 770-717-3200 or visit www.dukerealty.com and look for "Spacefinder" on the home page.
On a nationwide basis, Duke Realty owns and operates approximately 141 million rentable square feet of industrial and office assets, including medical office, in 18 major U.S. cities. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at www.dukerealty.com.
Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, general changes in economic and financial conditions, and weather-related delays. The risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at http://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.
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