American Equity Investment Life Insurance Co. celebrated its move to downtown Des Moines Thursday, as it brings more than 700 employees to the Central Business District.

The new space not only creates a great experience for employees, it will accommodate the growth the company continues to see, American Equity CEO Jeff Lorenzen said.

Leaders from American Equity and its parent company, Brookfield Wealth Solutions, welcomed guests from the local business community and city leaders to its new offices at 1150 Locust St. 

American Equity occupies more than 200,000 square feet with space on part of the second floor and all of floors three through seven.

The company announced in May 2024 that it would move from its headquarters at 6000 Westown Parkway in West Des Moines to the former Nationwide building. It renovated the entire space in its new headquarters, adding amenities such as a coffee shop, cafeteria and exercise facility. It also features more collaborative work areas for its employees, who are working at the office full time.

There is also covered parking for all its employees.

“One of the things that was important to us in looking for new space was finding something that was conducive and allowed for a great experience for our employees,” Lorenzen said. “This location not only gave us a clean footprint, but also gave us all the amenities that would make working in office full time very meaningful for our employees.”

Lorenzen said the new downtown headquarters is designed to accommodate the growth the company is forecasting and will be able to accommodate 1,200-1,300 employees.

American Equity has hired or transferred more than 100 people into the Des Moines market over the past two years, and Lorenzen said that growth is projected to continue.

“Our vision is growth and we wanted to make sure as we move into our new facility that we have plenty of parking, we have plenty of work stations and we have an environment that is conducive for that growth as we move forward,” he said.

While American Equity employees are fully moved in, there are a few “punch-list” items still needing to be done, and work is continuing on the third floor, Lorenzen said.

When that work is complete, it will accommodate about 200 employees, he said.

Between 75 and 80 employees are still working in West Des Moines, and when the work on the third floor is done, they will move downtown in late August, Lorenzen said.

He declined to specify an amount that the company invested in the move and renovation of the building, only saying it was significant.

The company’s move follows the city of Des Moines’ move from the historic city hall along the Des Moines River, to the new TM Franklin Cownie City Administration Building at 1200 Locust St.

The city brought about 335 employees to the building when it moved.

American Equity’s move helps continue the resurgence of activity downtown, and it comes as office vacancy rates still lingered above 17% in the Central Business District, according to brokerage firm JLL’s first quarter office market report.

After the COVID-19 pandemic closed many offices, downtown companies have slowly been bringing employees back to work in recent years, many in hybrid roles.

Des Moines Mayor Connie Boesen said American Equity’s presence downtown is already being felt.

“Your new headquarters is playing a key role in the resurgence of downtown Des Moines,” she said during comments before a tour of American Equity’s offices. “Your move signifies a commitment to the future of our city. While we have seen many vacancies in downtown buildings in recent years, American Equity’s presence is quickly felt and makes a true impact.”

Lorenzen said the move downtown also meshed with the company’s philosophy that a vibrant downtown benefits the entire region.

“We felt there are great assets downtown that are opportunistic for employees and this building was available. It was a great decision for us, and I think it will have that ripple effect through the downtown economy over time,” he said.