May 5, 2002 -- -New York Life Insurance Company has acquired a 95,000 square foot building in the Atlanta suburbs for its second data center, the company said yesterday.
New York Life did not disclose the price it paid for the former BellSouth Entertainment property at 5965 Cabot Parkway in Alpharetta.
But county officials said the company has been approved for $120 million in bond financing through the Development Authority of Forsyth County. New York Life will invest over $100 million on the property within the next three years, according to local officials.
New York Life is one of a number of financial firms that have been actively seeking additional data center space outside Manhattan and its immediate suburbs. The Depository Trust Corporation and MasterCard have bought data centers, while the Bank of New York just leased a former WorldCom facility in Somerset, NJ. .
The insurer said it plans to employ approximately 100 people initially, with additional hires expected to bring the eventual employment to more than 140 as New York Life expands the facility.
"New York Life is delighted to have found an ideal location in Forsyth County for the company's second Data Center, which will complement our facility in Clinton, New Jersey," said Judy Campbell, senior vice president and chief information officer of New York Life.
"Best practices indicate that a company of our size should have multiple data centers, and this site met a number of important considerations for us," Campbell added. "We are very grateful to the many county, state and local officials who worked so hard to make this possible."
New York Life began its in the fall of 2002, an visited the Forsyth County site in December. The company met with and negotiated with Forsyth County leaders and officials over a four-month period, with the Cumming-Forsyth County Chamber of Commerce coordinating talks involving more than 20 area companies, agencies and stakeholders in an effort to clinch the deal.
“There was a strong team working together to recruit New York Life Insurance to our community and the State of Georgia,” said Joni Owens, President & CEO, Cumming – Forsyth County Chamber of Commerce. “We are very pleased to have this opportunity to create badly needed jobs for our citizens and to create more opportunities for new jobs as this company grows.”
New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and long-term care insurance.