Principal Financial Breaks Ground on Downtown Des Moines Tower

DES MOINES, Iowa — Principal Financial Group, the Des Moines-based insurance giant with headquarters anchored at 711 High Street, broke ground Monday on a 200,000-square-foot office tower in downtown Des Moines. The project, first reported by the Des Moines Register, promises to add 500 jobs to the local economy and elevate property values in the bustling urban core. Company officials described the tower as a key part of Principal's strategy to accommodate expanding operations while reinforcing its commitment to Iowa's capital city.

The new development complements Principal's iconic footprint, including ownership of 801 Grand — Iowa's tallest building at 630 feet and 45 stories, completed in 1991 and formerly known as the Principal Building. Managed by JLL Americas, the skyscraper has long symbolized Des Moines' skyline and business vitality. Principal, founded in Des Moines over a century ago, employs thousands statewide and maintains a corporate campus that recently welcomed tech nonprofit Pi515, highlighting its role in fostering innovation.

Local real estate experts anticipate the tower will spur further investment along Grand Avenue and nearby corridors, where office vacancy rates have hovered below 10% amid post-pandemic recovery. Des Moines Mayor Jeremy Hansen praised the move, noting it aligns with city incentives for downtown revitalization. Construction is slated for completion by late 2028, with Principal expecting to relocate select teams from its existing 511,000-square-foot headquarters built in 1996.