Transamerica moving 1,300 employees to Hibu site
Insurance company to sell office building on Edgewood Road
George C. Ford
CEDAR RAPIDS — Transamerica plans to relocate some 1,300 employees from its offices at 4333 Edgewood Road NE — a high-growth area of the city that has seen the extension of Highway 100 and the development of The Fountains office and retail complex — to 6300 C Street SW, in the first half of 2018.
Transamerica, a subsidiary of Netherlands-based AEGON, plans to sell the five-story, 100,000-square-foot office Edgewood Road complex, which includes an adjoining building at 4600 42nd St. NE, said Greg Tucker, senior vice president of Transamerica.
The property’s combined assessed value was about $17 million in 2015, according to the Cedar Rapids Assessor’s office.
“We are moving these employees as part of a corporate reorganization to reduce costs and improve efficiency,” Tucker said. “We have given notice to Hibu that we want to use the building it is leasing on C Street SW.”
The company, formerly known as Yellow Book, will have until May 2017 to vacate the building, south of Highway 30, Tucker said.
The insurer’s 3,000 employees in Cedar Rapids are spread across five locations. The relocation is not tied to a staff reduction, he said.
The roughly 700 employees of AEGON Global Technology and AEGON Asset Management, also currently in the Edgewood Road building, are not affected by this move.
The insurance carrier also is determining future plans for two North Pointe Plaza buildings at 4515 River Blvd. NE. The twin office towers have almost 200,000 square feet of office space.
The relocation will require remodeling of the building leased by Hibu. That likely will occur in the second half of 2017, Tucker said.
Transamerica, formerly AEGON USA, is a successor to Life Investors Insurance Co. of America. The latter built the Edgewood Road office complex when it moved from its founding location in downtown Cedar Rapids.
AEGON USA played a pivotal role in the development of office buildings in the area north of the Edgewood Road bridge over the Cedar River. The company acquired large tracts of land on the east and west sides of Edgewood Road at 42nd Street NE and held them for future development.