Two adjacent office campuses in Cedar Rapids, Iowa, owned and previously occupied by Transamerica have been listed for sale by Coldwell Banker Hedges Realty and Coldwell Banker Commercial NRT.
The sale of these properties is part of Transamerica’s plan to consolidate its workforce into other properties the company owns and occupies in the market, a process that started in 2018. The buildings, located on two parcels known as Edgewood and North Pointe, represent a significant development and investment opportunity for the prospective buyer.
The Edgewood property is comprised of four office buildings, built in phases between 1974 and 1988, situated on 35 acres. These buildings originally housed the headquarter operations of Life Investors Insurance Company of America prior to the acquisition by Dutch-based Aegon in 1989. The company then acquired Transamerica in 1999. The buildings sustained substantial damage from the derecho in August 2020 and will likely be demolished and the site redeveloped into an alternative use.
The North Pointe campus, located at 4425 and 4415 N. River Blvd. NE, was developed in 1994 and 1996 by Aegon USA Realty Advisors for company growth and has excess land for expansion. The two buildings total 174,000 square feet of office space that may be sold to an investor or user to be occupied as office space, or the property may offer the opportunity to be re-purposed for an alternative use.
“We have long been a part of the Cedar Rapids community and we want to attract investors who will make the best use of these assets,” said Transamerica Chief Administrative Officer, Mark Polking. Transamerica is one of the largest employers in the Cedar Rapids area, employing over 2,500 people. The company renovated their facilities at 6300, 6350 and 6400 C Street SW to accommodate the relocation of the staff previously working in the Edgewood and North Pointe buildings.
Coldwell Banker Hedges Realty, with the support of Coldwell Banker Commercial, have been appointed to be the listing agents for the property. The property marketing team includes Todd Payne of Coldwell Banker Commercial NRT and Dan Spiegel, managing director of Coldwell Banker Commercial.
The Edgewood and North Pointe properties are being marketed as a single buyer opportunity.