CNO Embraces Hybrid Work Model With Move to Smaller Space
The insurer will replace its five-building, 420,000-square-foot headquarters with a new space a quarter of that size.
CNO Financial is moving its headquarters to nearby offices designed for employees who spend much of their time working from home or at other offsite locations.
The life, health and annuity issuer said Friday that it will replace its five-building, 420,000-square-foot campus at 11825 N. Pennsylvania St. in Carmel, Indiana, in early 2024.
The new offices will fill 100,000 square feet of space at a Carmel building that’s about 1.5 miles away, at 11299 Illinois St.
Designers will include a cafe, conference facilities and other features designed to support employees who combine remote work with time at headquarters.
“As our workforce has evolved, so too have our workplace needs,” CNO CEO Gary Bhojwani said.
What It Means
CNO has about $3.4 billion of its $34 billion in assets invested in commercial real estate and commercial mortgage-backed securities.
For clients thinking about their exposure to commercial real estate, the move means that a major commercial real estate investor expects many of its own employees to stick with hybrid work schedules.
CNO
CNO sells life insurance, annuities, Medicare supplement insurance policies, Medicare Advantage plans and other products through the worksite and through traditional career agents.
It reported $397 million in net income for 2022 on $3.6 billion in revenue. It had 1,100 workers in Indiana.
The History
Stephen Hilbert founded CNO, as Security National of Indiana, in 1979, and used it as a vehicle to acquire and overhaul other insurers.
The company began building its current campus, which is north of Indianapolis, in 1987.
In 2004, after undergoing a management change and corporate transformation, the company had 10 buildings and 854,500 square feet of space on 146 acres.
By 2018, two years before the start of the COVID-19 pandemic, CNO had reduced its headquarters footprint to five buildings and 450,000 square feet of space.
Pictured: CNO’s new headquarters location in Carmel, Indiana. (Photo: CNO)