State Farm used to own 8900 Amberglen Bld in North Austin close to Parmer Ln and Hwy 45, however in an effort to free up some cash to invest in their day to day operations they chose to sell the 448,898 sf office building to W.P. Carey Inc. for $110 Million.
As part of the transaction State Farm leased back the property for 15 years. Sale / Leasebacks to not typically affect a companies day to day operations and by leasing they gain the flexibility to adjust their operations as needed.
State Farm currently has 1,439 employees in the Austin area.