PEMCO Insurance Explores Alternatives to Seattle Headquarters Building

SEATTLE--(BUSINESS WIRE)--PEMCO Mutual Insurance, the Northwest’s largest locally based auto and home insurance carrier, is exploring the sale of its company headquarters building, along with three adjacent parcels of land located in Seattle’s South Lake Union neighborhood. The properties were listed for sale on June 2, 2022.

“Over the last two-plus years, the pandemic taught us how to efficiently conduct business in a new and different way that continues to meet and exceed our customers’ needs,” said PEMCO President and CEO Stan McNaughton. “Simply put, we have more space than we need in today’s business environment.”

McNaughton confirmed that the company is financially stable, and that the decision is one the company thoughtfully considered as it successfully evolved to support a remote and hybrid workforce. The decision also considers PEMCO’s accountability as a mutual insurance company, which is driven in part by its fiscal responsibility to act in the best interest of its owner-members. He also indicated that PEMCO has no plans to leave the Pacific Northwest where it’s been a proud community member since 1949.

McNaughton indicated that the company is still evaluating what size and type of headquarters is needed for its hybrid work model and where it should be located. What is clear now, he said, is the direction PEMCO is heading: “We’re leaning into the future, evolving as a company by focusing on ‘how’ we do business, not ‘where.’ For us, that means continuing to embrace cloud-based technology and supporting our hybrid work.”

PEMCO purchased its Seattle headquarters building in 2015. The five-floor, 90,000-square-foot building is located at 1300 Dexter Avenue North, includes two levels of below ground parking and is visible from I-5 and Seattle’s Lake Union.

The additional parcels of land for sale are directly east, located between the PEMCO building on Dexter and Lake Union, on Westlake Avenue North. One parcel was formerly leased by National Sign Corporation and the others are adjacent parking lots.

Real estate brokers Cushman and Wakefield have been hired to handle the real estate listing for PEMCO.

About PEMCO Mutual Insurance

PEMCO Mutual Insurance is the Defender of Your Northwest, providing auto, home, renters and boat coverage. We are consistently recognized for outstanding service, employee expertise and social impact. Our Mutual Good programs raise the achievement levels for youth in education; build stronger, greener environments; and increase safety at home, on the road and at play. Our mission: Free our communities to worry less and live more. To learn more, visit www.pemco.com.