10-17-2013 02:33 PM

SAFE Credit Union buys former Waste Connections headquarters

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The former headquarters for Waste Connections will be the future home of SAFE Credit Union, which bought the three-story building in Folsom.




SAFE Credit Union will move its headquarters from North Highlands to Folsom by the end of 2014, after buying a three-story office building on Iron Point Road best known as the former base for Waste Connections Inc.
The move will allow the credit union to consolidate about 250 administrative employees now scattered between the main North Highlands location on Madison Avenue and larger branch offices on Watt Avenue and in Rancho Cordova.
“We did a lot of research going into this,” said SAFE Credit Union CEO Henry Wirz. “We looked at leasing, we looked at building, but the market was really attractive to buy right now.”
He did not disclose the purchase price, but those close to the deal said it was about $20 million. SAFE Credit Union bought the 100,000-square-foot building from Evergreen Co., which developed the building five years ago and others in the Folsom Corporate Center.
Evergreen was represented by Rob Cole, Clyde Rawlings and Toss Valentine of Jones Lang LaSalle on the deal.
Wirz said the next step is analyzing the building’s space and coming up with floor plans to best suit what the credit union needs. At the outset, SAFE will occupy the top two floors of the building at 2295 Iron Point, constituting about 64,000 square feet, and will lease out the bottom floor, with the ability to move into the entire building if needed in the future.
SAFE officials began searching for a new location about a year ago. Because Waste Connections only occupied the building for a few years before moving its headquarters to Texas, SAFE is getting a nearly new office, Wirz said. “Employees want light, open spaces, and this building has wonderful light,” Wirz said, adding it also has a large kitchen and break area, on-site gym and outside common areas with an artificial pond. It’s also close to both shopping and restaurants.

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Ben van der Meer covers real*estate, development, local and regional planning, construction, transportation, agriculture and water for the Sacramento Business Journal.


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