Executives of Erie Indemnity Company (NASDAQ: ERIE) today announced the construction of a new office building on the Erie Insurance Home Office campus in downtown Erie, Pa. The 346,000 square foot building will be located on East Sixth Street next to the historic Erie Insurance Heritage Center and extending to East Seventh and French Streets. Total building and related project costs are estimated to be $135 million. Construction is expected to begin in spring 2017, lasting about three years.
At a news conference earlier today, Erie Insurance CEO Timothy G. NeCastro said the new building will ease capacity issues for Erie County's only Fortune 500-headquartered company. "The buildings on our main campus are at full capacity with little room for expansion. Our master campus plan calls for another large office space to accommodate ERIE's growth needs today and into the future."
"ERIE employees are the heart of this company," continued NeCastro. "It's their dedication and commitment to our customers, agents and one another that has led to our continued success. Their work environment needs to effectively support their day-to-day efforts to deliver exceptional service and their ongoing development to ensure that they have the opportunity to learn and grow with ERIE."
Thomas B. Hagen, Chairman of the ERIE Board of Directors, added, "This is another active demonstration of ERIE's commitment to the community whose name we bear and which is such an important part of our entire 91-year history in downtown Erie. Helping to build a vibrant Erie community and further support the Erie Refocused plan is essential to our company's success and for all who live and work here."
The LEED-certified, environmentally friendly building will have four larger floors and three, smaller tower floors. Special features of the building include large collaboration areas, an open courtyard, and bridges connecting to other ERIE buildings and parking ramps. It will be the largest building on ERIE's campus, housing up to 1,200 employees.
The company has engaged the Albert Kahn Associates architectural firm from Detroit and construction manager PJ Dick from Pittsburgh to design and build the new office complex.
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About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 10th largest homeowners insurer and 12th largest automobile insurer in the United States based on direct premiums written and the 15th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million policies in force and operates in 12 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company.
News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.
