A building owned by Principal Financial Group at 575 Seventh St. in downtown Des Moines is slated to be torn down this year, a company spokeswoman said. Photo by Kathy A. Bolten

A three-story downtown office building constructed in 1966 and owned by Principal Financial Group will be torn down this year, a spokeswoman for the Des Moines-based company told the Business Record.

The 78,444-square-foot building at 575 Seventh St. will be razed “as the infrastructure has reached the end of its lifespan,” Jane Slusark, Principal’s spokeswoman, wrote in an email. “Fencing will go up in late August to prepare for the demolition,” which is expected to be completed by spring 2022.

Slusark wrote that plans for the space are under development. “We’re currently working on ideas and potential designs for the space,” she wrote.

The structure sits on nearly 0.8 acre located east of the company’s original headquarters at 711 High St. The Seventh Street property is valued at $2.7 million, according to the Polk County assessor. The building is in “normal” condition, according to the assessor’s website. However, plumbing and wiring are in “adequate” condition and elevator quality is in “average” condition, the website shows.

The pale green-colored building is connected to the High Street building by both a skywalk and a tunnel. The skywalk was added in 1974.

Principal Financial Group’s mail room and mailing dock were located in the 55-year-old Seventh Street building, according to Slusark. Those services were moved to the company’s building at 710 Ninth St. earlier this year, she wrote.

“No employees currently work in the building as they had previously relocated to other areas on the campus,” Slusark wrote.