Waukee-headquartered insurance brokerage Holmes Murphy & Associates is planning a $10.6 million expansion of its Central Iowa office footprint that the company says will allow it to create 212 new positions, according to the Iowa Economic Development Authority.

The IEDA board voted on Dec. 20 to award Holmes Murphy subsidiary HMA Group Holdings LLC $413,900 in tax credits for the project through the state’s High Quality Jobs Program.

A project report in the IEDA board meeting packet says Holmes Murphy plans to lease and build out space in West Des Moines to “realign its workforce in the Des Moines metro to accommodate its substantial growth.”

The packet documents did not state the exact location of the site in West Des Moines, but PLUS/Holmes Murphy President Tom Stewart told the Business Record today that the company is close to finalizing a lease agreement with the property owner.

The insurance brokerage will relocate 100 employees from its Waukee office to the newly renovated West Des Moines site. The IEDA project report shows that Holmes Murphy will retain its Waukee location and the new jobs will be based in both Waukee and West Des Moines.

The jobs will pay at least $36.80 per hour, which qualifies for the IEDA program’s tax credit incentives.

In a news release after the vote, IEDA said the project will be an $8.4 million capital investment. The project report breaks down the total $10.6 million project cost into $4 million in tenant improvements to the space; $3 million in furniture and fixtures; $3 million in capital lease costs; and $600,000 in computer hardware.

The Holmes Murphy subsidiary will receive a $269,900 investment tax credit through the High Quality Jobs program, as well as a $144,000 refund of sales or use taxes paid during construction, the IEDA report says.

Most of Holmes Murphy’s improvements and investment to the West Des Moines office space are expected to be complete by November 2025, according to the IEDA report.

Holmes Murphy, founded in 1932, has 16 offices in 11 states, according to the company’s website. The company moved to Waukee’s Kettlestone Development in 2018 from a smaller space at 3001 Westown Parkway in West Des Moines.

“We had built a new building five years ago. We thought it would last us 10 to 12 years in terms of space – it lasted us five. It’s a good problem to have,” Stewart told the board Dec. 20.  “We love being here. We have 16 other offices, but Waukee and Des Moines are always going to be [here]. We’re 93 years old, so we’ll be here forever and a day and, hopefully, a lot longer.”