Progressive to sell off several office buildings
Progressive to sell off several office buildings | Insurance Business America
Insurance News
Progressive to sell off several office buildings
Hybrid work becoming more prevalent for the company
Insurance News
By
Kenneth Araullo
Progressive is preparing to sell several of its office properties across the United States as part of its strategy to adapt to a changing work environment, according to a company spokesperson.
As per AM Best, the insurance giant is listing facilities including the Campus 1 in Mayfield, Ohio, the Progressive Home campus in St. Petersburg, Florida, as well as locations in Colorado Springs, Colorado, Riverview, Florida, and Carmel, Indiana.
The move comes as Progressive continues to adjust its workspace strategy in response to evolving employee preferences and operational needs.
“As we continue to grow and reimagine our workforce, Progressive offers flexible work options for many of our employees with most people choosing to work from their homes,” a Progressive spokesman said, with the shift leading to a reassessment of the company’s real estate holdings.
“Our current office locations have always been a mixture of owned and leased spaces,” the spokesperson explained. “As we continue to look for ways to operate as efficiently as possible while providing the best for our employees and customers, our real estate team has completed a comprehensive market analysis and will begin marketing efforts for the sale and/or lease of some buildings involved in previously announced consolidations.”
The decision follows Progressive’s announcement last July that it would consolidate several of its properties in Northeast Ohio and other parts of the country. The company had retained these locations within its portfolio until the recent update.
Progressive also noted that it will keep reviewing office utilization to ensure decisions align with employee and corporate needs.
The announcement comes after Progressive reported a significant increase in financial performance, with net income rising more than fivefold to $2.33 billion in the first quarter, up from $447.9 million a year earlier.
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