Pacific Life Announces New Business Office in Omaha's Aksarben Village
Omaha, Neb. (April 29, 2014) - Pacific Life Insurance Company and Magnum Development Corp. announced today the development and construction of a new office building and parking structure in the greater Omaha, Nebraska area. The five-story, 125,000 square foot building will be located in Aksarben Village, a mixed-use development in midtown Omaha. The building will have 19,000 square feet of retail space on the ground floor to accommodate shops and restaurants with the remaining four floors available for office space. The building will be completed in Fall 2015 and will be supported by a new 880 stall parking structure that will be developed in conjunction with the project.
Pacific Life has over 2,800 employees nationwide with more than 350 in Omaha. The Omaha office serves as a regional business center supporting Pacific Life's Retirement Solutions Division and Life Insurance Division. Key functions include internal wholesaling, customer support, operations, technology support, sales, and case coordination.
"We believe the new office will help employees enjoy work-life balance by providing a location closer to a majority of their residences," said Carol Sudbeck, senior vice president of Human Resources and Public Affairs. "This new space will also enable our operations to continue to grow in the coming years. Employees will be able to enjoy a number of amenities in the area including restaurants, shops, a health club and Aksarben Cinema, all within walking distance."
Magnum Development Corp. and McNeil Company are partnering on the $33 million development. The team previously joint ventured the 82,000 square foot Aksarben Cinema building which McNeil Company constructed in 2009. "Aksarben Village has become one of the most notable addresses in Omaha and we are thrilled to be a part of its growth," said John Hughes, President of Magnum Development Corp. "The addition of Pacific Life will further enhance the 'Live-Work-Play' environment of the Village and the new building will provide more opportunity for the retail shops and restaurants that have been looking to locate in Aksarben Village for the past couple of years." Hughes estimates that by 2015 there will be more than 6,500 people working in the Village on a daily basis. Aksarben Village is now the headquarters for several large Omaha employers, including First Data Resources, Blue Cross Blue Shield of Nebraska, Gordman's, DLR Group, and Olsson Associates.
"This project will complement our existing investment in Aksarben, both aesthetically and functionally, as the adjacent parking structure will provide more opportunity for additional retail and entertainment focused businesses," said Pat McNeil, President of McNeil Company.
The new Omaha office of Pacific Life will continue to sponsor internship programs for the University of Nebraska-Omaha and Creighton University. Students have the opportunity to be a part of the Internal Wholesaler Internship Program, which enables them to have a hands-on learning experience and insight into a career in wholesaling to support the sales of investment products. The Pacific Life Foundation is an active funder in the Omaha community, with almost $300,000 committed to local nonprofit agencies and K-12 schools in 2014.
"Pacific Life has enjoyed being part of the Omaha community for almost ten years," said Jim Morris, chairman and CEO of Pacific Life. "We are committed to maintaining our regional business center operations in the city of Omaha and are pleased to have found a great location for our employees."
Pacific Life was represented locally by Omaha brokers Tim Kerrigan and JP Raynor from Investors Realty. The building is being designed by Omaha architectural firm Holland Basham Architects. "Holland Basham Architects is excited to be working with Pacific Life on the design of their new offices to be located at Aksarben Village," said HBA principal Curt Witzenberg. "Holland Basham Architects is proud to be a partner in this unique development opportunity."
About Pacific Life
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit Pacific Life online at www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of May 2013 is compiled by Pacific Life using the 2013 FORTUNE 500® list.
About Magnum Development Corp.
Magnum Development Corp. was established in 1997 to provide commercial real estate development leadership and asset management to multiple partnerships. Magnum Realty was added in 1999 to provide property management and brokerage services for related partnerships and third parties. Magnum works primarily in the Midwest and has completed "ground-up" development projects in 15 states. Magnum currently manages approximately $90,000,000 in real estate partnership assets.
About McNeil Company
McNeil Company has been capturing client's vision through inspirational design and exceptional service with outstanding results for over 37 years. This philosophy has enabled us to position ourselves as one of the top design-build firms in the Midwest. McNeil Company has completed office, retail, multi-family apartment, mixed-use and residential development/construction projects totaling over $350 million.
About Holland Basham Architects
Holland Basham Architects is an Omaha company with extensive experience with the master planning and design of several of the region's most notable office parks and corporate headquarters. Holland Basham Architects specializes in the design of several other project types including healthcare, higher education, and multi-family housing.