BLOOMINGTON - State Farm announced Friday that it is working with a new interested buyer for its downtown building.

Both parties anticipate closing on this sale in October.

"After marketing the downtown building since spring 2018, we are pleased to share we are working through the sales process with a new interested buyer, Urban Equity Properties, LLC (UEP). This buyer has a demonstrated track record of redeveloping older buildings in the urban core of similarly sized cities," the company said in a statement.

"Our preferred option has always been to find a buyer for the downtown building, and we are pleased UEP came forward with an effective plan to redevelop the building. Once the sale is finalized, State Farm will cease plans to demolish the downtown building."

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