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The State Compensation Insurance Fund, headquartered in San Francisco, is building two new campuses in Vacaville and Pleasanton, Calif. A 430,000-sf office complex on 33 acres in Vacaville's Vaca Valley Business Park will accommodate over 1,200 employees in five two-story buildings comprising a total of 434,375-sf. The project will be developed in three phases. Phase one will broke ground in late 2006 and will reach completion on three buildings by late 2008. Phase two will begin in 2009 and conclude in 2011. Phase three, if needed, will commence in 2014 and be completed by 2016. At the Hacienda Business Park in Pleasanton, State Fund has acquired 321,000-sf in three Class A office facilities for approximately $78 million that were formerly occupied by Cisco Systems. Both projects are part of the company's effort to reduce long-term real estate costs.