American Equity Investment Life Insurance Co. will move into the Nationwide building at 1100 Locust St. in downtown Des Moines, according to agenda documents for the Des Moines City Council meeting on Monday.

According to council documents, the City Council will consider a resolution approving an Urban Renewal Development Agreement that contains incentives and a parking license agreement with American Equity for space in the Nationwide building.

The building, still owned by Nationwide, is near the building the city purchased from Nationwide at 1200 Locust St. and where it plans to move its employees in the first quarter of 2026.

Steven Schwartz, head of treasury for American Equity, confirmed in an email to the Business Record the company’s intent to move from its offices at 6000 Westown Parkway in West Des Moines to the Nationwide building.

Ryan Ankrom, director of public relations for Nationwide, confirmed the proposed lease agreement in an email to the Business Record, but referred questions about plans for the space to American Equity. Nationwide continues to occupy a portion of 1100 Locust St., he said.

In the email, Ankrom said there are just 248,000 square feet in the west wing of the building where American Equity will move. The west wing has been separated into its own building and is now 1150 Locust St.

According to the council documents:

​- American Equity will consolidate two office locations into one and bring about 650 employees to downtown Des Moines.

– American Equity will enter into a 10-year lease agreement with Nationwide for at least 131,900 square feet in the building. The company will occupy the western wing of the building on portions of floors one, two, five, six and seven.

– The company will invest more than $9 million in relocation expenses, including $4 million for construction to make the space ready for the move.

– The city’s Office of Economic Development has negotiated terms of an Urban Renewal Development Agreement, in which the city will provide $50 per each full-time position “employed primarily” at the downtown location per year for up to 10 years in the form of a grant that will be paid in annual installments of approximately $32,500. In exchange, American Equity commits to maintaining at least 600 employees at the downtown location, averaging three days or more per week.

– The parking license agreement calls for at least 120 parking spaces in the city’s parking garages at 1200 Mulberry St. and 801 Locust St. to be designated for American Equity employees at a discounted rate that will increase parking revenue for the city by $1.3 million over 10 years.

– As part of the agreement, American Equity agrees to participate in the Des Moines Area Regional Transit Authority’s Unlimited Access program for all of its downtown employees.

– The agreement calls for American Equity to move to its new location by March 31, 2026.

Kelly Woerdehoff, head of culture and communications at American Equity, said the company is looking forward to many successful years downtown.

“This important move reflects our growing investment in the people and communities of Central Iowa,” she said in an email to the Business Record.

American Equity was acquired by Brookfield Reinsurance with the deal closing on May 2. At the time, the company confirmed it would move from its West Des Moines offices and was looking at a downtown location, but did not identify what building they were looking at.

Schwartz said Brookfield and American Equity “are committed to supporting its businesses, employees and neighbors and we believe a vibrant downtown is beneficial to us all.”

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This story has been updated to include comment from Nationwide.