UPDATE (April 06, 2018 4:50 p.m.): The largest office building in Bakersfield has a new owner. 

California Resources Corporation bought the State Farm building on Monday, April 2nd for $48.4 million, according to county records.

California Resources Corporation, or CRC, said it plans to condense the 500 employees that work throughout Bakersfield into three floors in the building. 

Joe Ashley, the spokesperson for CRC said State Farm will remain in the building and will use one of the floors, as well as the basement. 

Ashley added the CRC will begin moving into the building in December of 2018 and will be fully finished moving in by early to mid 2019.

The State Farm Operation Center is located at 900 Old River Road. 

The building is 556,000 square feet and 47.6 acres and had been on the market for two years. 

MORE: State Farm to consolidate facilities, Southwest Bakersfield facility to close in 2021

Whether or not the name of the street leading up to the State Farm building, State Farm Place, will change has yet to be determined.