While GEICO (Government Employees Insurance Company) is known for its humorous commercials featuring cavemen and animated animals, the Maryland-based insurance company has shown that it is deadly serious when it comes to expanding its business, by making a big move to a huge office in the city of Katy. The 135,000 square-foot office can be found at 21420 Merchants Way and will be used as the company’s Houston Claims Center. GEICO has also stated that approximately $8.5 million will be used to redevelop the office in the next three years. It is likely that the lion’s share of this money will go towards the creation of around 1,000 new jobs in the same timeframe.
This is one of the primary reasons why GEICO has chosen Katy. The insurance company intends to hire around 400 new employees by 2015 and most of these jobs will be entry-level positions, as the company needs more claims representatives. The CEO and President of the Katy Economic Development Corporation (EDC), Lance LaCour, was delighted with the news and believes that these new jobs are ideal for college graduates looking to get a foot on the career ladder.
LaCour claims that the Katy EDC was one of the main reasons why GEICO elected to move into an office in the area. Certainly, the EDC played its part by offering an incentive package, which included recruitment and job training, but the quality of the Katy workforce was another lure for the industry leader. Additionally, the fact that there was a large office building available, worked to seal the deal.
Myers, Crow & Saviers own the building that will be used by GEICO and now that a long-term tenant has been found, the developer can focus on creating additional buildings and that can only be good news for the development of local commercial real estate and jobs. As a result of GEICO’s move, Myers, Crow & Saviers can now create a second building and it has wasted no time, by announcing it will begin a new 129,600 square-foot, three-story building in March 2014.
Mark Saviers, a partner at Myers, Crow & Saviers, said that dealing with major companies such as GEICO is good news for his company, because they don’t waste time making a decision. As a result, it is possible to create a building in advance based on what a company needs.
It is a testament to the strength of the Houston economy that Myers, Crow & Saviers has now developed fourteen buildings, all of which were built before a tenant was secured. It shows the confidence the company has in the economy, as more and more national and international businesses in all sectors look towards Houston. Each building is cleverly designed with abundant power and conduit, so extra power can be added according to the needs of each individual tenant. Additionally, Myers, Crow & Saviers try and add more car parking space than is the norm.
Overall, Katy will benefit immensely from the GEICO decision to move to the area and the hundreds of jobs that will be created only add to the allure of Houston.
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