A West Coast insurer may develop a new operations center.

Pacific Life Insurance Company, Newport Beach, Calif., has reached a preliminary agreement to buy and develop a 242,000-square-foot office building in the Summit Office Campus in Aliso Viejo, Calif.

Pacific Life would keep its current headquarters in Newport Beach, but it would use the new building to house 1,000 employees who now work in several other Foothill Ranch, Calif., and Newport Beach, Calif., locations, according to Pacific Life.

Parker Properties L.L.C., Aliso Viejo, hopes to begin work on the building and a parking garage by Sept 30 and to complete construction by March 31, 2008.