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Size: 250,000 Square Feet
Transaction: Land Purchase / Build-to-Suit To Own
  • GEICO's western regional offices were located in 81,000 s.f. with 24 months remaining on their lease. San Diego was GEICO's only leased facility.
  • GEICO initially desired 100,000 s.f. in the North County area, central to their employees.
  • GEICO required 7 / 1000 s.f. parking, redundant reliable power supply, 24 hour 7 day/ week operations, security, two independent broad band fiber optic sources and future expansion up to 50%.
  • After developing and negotiating several build-to-suit to-lease alternatives, headquarters tripled the requirement, electing to own and develop San Diego into a 250,000 - 300,000 s.f. regional office facility.
  • Goldman Ferguson Partners working with local senior management team, home office senior management, director of corporate real estate and GEICO's corporate consulting firm, developed a comprehensive RFP incorporating GEICO's unique requirements, identified existing and to be developed projects, raw land opportunities and contacted city agencies for economic incentive packages.
  • GEICO relied on recommendations for local land use and top real estate attorneys, land planners, contractors and developers made by GFP who are now part of GEICO's development team.
  • Goldman Ferguson Partners located and extensively negotiated with two nearby property owners for a 24 acre land purchase enabling GEICO to build-to-suit to own at significantly lower cost. We successfully achieved a transaction resulting in a purchase price 50% below today's land value. GEICO received a substantial employee educational funding package from the State of California. GEICO's facility will be one of the largest non-manufacturing corporate offices in the region employing more than 2,500.