LOS ANGELES-The Farmers Insurance Exchange and AEG today revealed a naming rights agreement for the new downtown Los Angeles football stadium and event center. The 30-year deal provides naming rights for a 1.7 million square foot stadium designed to host football games, international soccer matches and other championship competitions along with concerts and entertainment events.
The stadium will be called Farmers Field. Financial terms were not disclosed. Farmers and AEG, developers of Staples Center and L.A. LIVE made the announcement together in the West Hall of the Los Angeles Convention Center, the future site of the new stadium which will occupy the footprint of the current West Hall.
“This groundbreaking agreement with Farmers not only makes this the largest long- term commitment in naming rights history, it also signals the most significant step forward in creating the football stadium and event center and bringing an NFL team back to Los Angeles,” says Timothy Leiweke, president and CEO of AEG, developers of the project. “Farmers’ commitment and partnership also allows us to completely privatize the development of the stadium, which will become the true catalyst needed to, once and for all, upgrade the Los Angeles Convention Center to become a top five facility of its kind in the nation.”
Farmers Field will be a state-of-the-art event center contiguously connected to the Los Angeles Convention Center, as GlobeSt.com previously reported, allowing Los Angeles to compete for and attract top-tier conventions and trade shows previously unable to commit to Los Angeles. The $1-billion dollar stadium will be entirely privately financed.
“This investment will court the NFL, and bring jobs and economic development to downtown Los Angeles,” says Bob Woudstra, CEO of Farmers Insurance. “Farmers Insurance was founded in Los Angeles and has been headquartered here for more than 80 years. We have always sought to be net givers, not net takers, in the communities we serve, and we are excited to be a part of this lasting legacy.”
During the press conference, Leiweke also detailed AEG’s commitment to develop Farmers Field at absolutely no cost to taxpayers and absolutely no risk to the City's general fund, as GlobeSt.com also previously reported.
“This event center—complete with a state-of-the-art NFL stadium and expanded convention center facilities—is a win-win the residents of Los Angeles. And, it will not cost taxpayers a dime,” explained Los Angeles Mayor Antonio Villaraigosa at the press conference. “Furthermore, Farmers Field will be a catalyst for new development, creating nearly 20,000 jobs and $3 billion worth of new development in the downtown area alone.”
Steve Bram, principal managing director in the L.A. office of George Smith Partners, previously told GlobeSt.com that the proposed project “would result in five new hotels,” which he said AEG is already in contact with.
As part of the deal designed by AEG Global Partnerships, Farmers’ naming rights partnership will provide exclusive naming exposure and signage inside and outside Farmers Field including electronic and video messaging during events, a diverse offering of hospitality access inside and outside of Farmers Field, promotional and experiential activation areas throughout Farmers Field’s concourses and other public areas, and a variety of branded clubs and other interactive areas to be used by Farmers Insurance agents and customers.
“This historic investment by Farmers Los Angeles and trust in our continuing commitment to provide best-in-class facilities and content that attracts the attention of fans worldwide,” says Shervin Mirhashemi, COO of AEG Global Partnerships. “Starting today, the name ‘Farmers Field’ will become part of the lexicon of NFL fans across all demographics and regions as Farmers Field joins an exclusive family of iconic AEG developments around the globe. We are proud to call our friends at Farmers our partners in this unprecedented deal and project.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
