Philips Arena, located in downtown Atlanta and home to the NBA's Hawks, has a new name. It’s now State Farm Arena.

The Hawks announced Wednesday they agreed to a 20-year naming rights deal with the insurance agency which currently has a regional hub in Dunwoody. 

Michael Tipsord, State Farm's CEO, said the new naming deal is more than a marketing stunt.

“This is about how we can engage with the Hawks organization in community efforts,” Tipsord said. “This is how we can engage with the Hawks organization in terms of what we do for the city."

The arena is currently undergoing a $192.5 million renovation which is being funded by taxpayers and the Hawks. It is set to re-open this October.

The renovations include a barber shop overlooking the court, Topgolf suites, and fan-friendly food pricing.

Philips had been the name of the arena since 1999. It picked up the nickname “Highlight Factory”  during the Hawks re-branding around the 2007-08 season.

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