Indianapolis-based Group1001 has announced plans to grow its presence in central Indiana. The insurance holding company has invested more than $18 million to acquire the former LIDS building in Zionsville, which it says will accommodate ongoing growth.
Group1001 says it will maintain its Pennsylvania Parkway headquarters in Indianapolis. The new location at Zionsville’s Creekside Corporate Park will provide space for new employees, though the company did not specify how many jobs it expects to add.
“This expansion speaks to the hard work of our employees and our commitment to grow in Indiana,” said Dan Towriss, chief executive officer of Group1001. “This purchase is an investment in our business and in the community of Zionsville. We’re proud to expand our presence to this great town to establish space for current and future growth.”
Group1001 closed on the acquisition in mid-November and expects to begin occupying the building in 2020.
LIDS Sports Group invested $20 million to construct the 150,000-square-foot building, which opened in 2016. Earlier this year, real estate firm Cushman & Wakefield announced the company was moving out of the facility.