Corporate Relocations/Expansions

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texasstar
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Re: Corporate Relocations/Expansions

Postby texasstar » 10 Jun 2021 13:01

^ The building IS gorgeous.

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Matt777
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Re: Corporate Relocations/Expansions

Postby Matt777 » 10 Jun 2021 18:32

undefinedprocess wrote:Integrity Marketing Group relocates its HQ from Cypress Waters to Fountain Place in downtown, leasing 100,000 sqft. and planning on bringing 300 to 400 employees with them.

https://www.dallasnews.com/business/real-estate/2021/06/10/major-employer-trades-office-in-cypress-waters-for-a-new-hq-in-downtown-dallas/


Love that a company moved from a drab suburban office park to Downtown Dallas! I wish my employer would do the same!

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THRILLHO
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Re: Corporate Relocations/Expansions

Postby THRILLHO » 10 Jun 2021 18:44

Awesome to see. 300+ more people milling about the core is great.

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potatocoins
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Re: Corporate Relocations/Expansions

Postby potatocoins » 11 Jun 2021 08:55

Matt777 wrote:Love that a company moved from a drab suburban office park to Downtown Dallas! I wish my employer would do the same!


Agreed! Even more impressive that this move happened post-COVID as well, when people are supposedly trying to get away from the cities and/or working from home more.

This is great news!

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Addison
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Re: Corporate Relocations/Expansions

Postby Addison » 11 Jun 2021 09:19

Another (now confirmed) score for Dallas' core:

Multi-billion dollar global investment firm confirms Dallas expansion

https://www.bizjournals.com/dallas/news ... firms.html

Fortress Investment Group, a $53.1 billion global investment manager based in New York, will be expanding its North Texas presence at Weir's Plaza in Knox-Henderson.

The news was confirmed Wednesday, months after the Dallas Business Journal originally reported that the company had been eyeing the area for a new office. Fortress already has more than 50 employees based in Irving at Williams Square. The firm will maintain that office while leasing 47,850 square feet at Weir's Plaza.

“This announcement underscores our long-term commitment to the North Texas region,” said Fortress Managing Partner Drew McKnight in a prepared statement. “Our office in Weir’s Plaza is a perfect complement to our existing location in Irving and will provide flexibility for the continued organic growth that we anticipate in our Credit business.”

McKnight, along with Josh Pack, co-chief investment officers and managing partners of the firm’s Credit business, will be based in the new Weir’s Plaza location...

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undefinedprocess
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Re: Corporate Relocations/Expansions

Postby undefinedprocess » 21 Jun 2021 10:57

Therabody, the makers of Theragun, are adding a second HQ in Downtown Dallas. More specifically, they'll be in the East Quarter at 2200 Main St. Pretty great to see all these relocations to the EQ, and makes me even more excited to see 300 Pearl open up and the office space in that fill out (as well as the residential component).
https://www.dallasnews.com/business/real-estate/2021/06/18/the-company-behind-the-buzzy-theragun-massager-is-moving-into-downtown-dallas/

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Tucy
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Re: Corporate Relocations/Expansions

Postby Tucy » 21 Jun 2021 14:43

Are we about done with this "second headquarters" silliness? What does that even mean?

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Re: Corporate Relocations/Expansions

Postby undefinedprocess » 21 Jun 2021 15:34

Tucy wrote:Are we about done with this "second headquarters" silliness? What does that even mean?

I think the "second HQ" craze started (or at least grew) after Amazon did its whole HQ2 charade.

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Tucy
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Re: Corporate Relocations/Expansions

Postby Tucy » 21 Jun 2021 15:36

undefinedprocess wrote:
Tucy wrote:Are we about done with this "second headquarters" silliness? What does that even mean?

I think the "second HQ" craze started (or at least grew) after Amazon did its whole HQ2 charade.


Indeed. It didn't make a whole lot of sense then and makes even less sense for most other companies that are trying to copy the hype.

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Re: Corporate Relocations/Expansions

Postby cowboyeagle05 » 22 Jun 2021 11:43

Hey when you are filling out that Enterprise relocation application with the state its like checking the box for double my money. If it isn't a HQ of some kind it wont make headlines which means politicians wont get their pat on the back for jobs.
“Growth for the sake of growth is the ideology of the cancer cell”

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homeworld1031tx
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Re: Corporate Relocations/Expansions

Postby homeworld1031tx » 29 Jun 2021 10:41

https://www.bloomberg.com/news/articles ... nd=premium

Bloomberg wrote:Goldman Plans New Dallas Campus, Extending Bet on Hub in Texas

Goldman Sachs Group Inc. is on the hunt for a new office campus in Dallas that could become the Wall Street bank’s largest presence in the U.S. outside of its Manhattan headquarters.




Possible new opp for the Field Street/North End Apts site?? :shock:

viewtopic.php?f=2&t=914&start=100

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I45Tex
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Re: Corporate Relocations/Expansions

Postby I45Tex » 29 Jun 2021 17:09

No, the name of that North End game is to charge as much per square foot as possible. This CEO by contrast, "looks to rein in expenses," which is part of why Dallas seems to be receiving preferential treatment over a competing new office in West Palm Beach. I would expect them to backfill a good building that is already open.


From the article,
"Goldman’s other strategic locations around the world include Salt Lake City, Singapore, Warsaw and Bengaluru, formerly known as Bangalore. Together, such places already host more than a third of the firm’s 40,500 employees."

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clcrash19
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Re: Corporate Relocations/Expansions

Postby clcrash19 » 29 Jun 2021 17:14

A little under a million square feet of office space would be a huge hit for downtown or uptown.

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jetnd87
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Re: Corporate Relocations/Expansions

Postby jetnd87 » 29 Jun 2021 18:53

D Magazine's off the cuff conjecturing...

https://www.dmagazine.com/commercial-re ... as-campus/

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Tivo_Kenevil
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Re: Corporate Relocations/Expansions

Postby Tivo_Kenevil » 29 Jun 2021 19:53

Surprised new park wasn't mentioned

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jetnd87
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Re: Corporate Relocations/Expansions

Postby jetnd87 » 29 Jun 2021 20:40

Yes - but I'm assuming that area of town is too untested for a conservative, prestige and perk minded banking firm.

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Re: Corporate Relocations/Expansions

Postby Tnexster » 30 Jun 2021 08:53

Do they even want to be downtown? Everyone else seems to go out, way out.

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Addison
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Re: Corporate Relocations/Expansions

Postby Addison » 30 Jun 2021 09:18

Tnexster wrote:Do they even want to be downtown? Everyone else seems to go out, way out.


Fair point.

It is true that finance/banking companies tend to have trophy towers in a city's urban core for their headquarters, but as far as we know, this isn't going to be a HQ relocation for Goldman Sachs. Look at JPMorgan for example, which landed way out at a suburban office park in Plano.

A selfish part of me wishes they would land at Dallas Midtown. Maybe with them as a tenant, the project can really start to move forward. But I'm sure that's not going to happen, because for one reason it will likely take some time for the office space to come online.

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Tucy
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Re: Corporate Relocations/Expansions

Postby Tucy » 30 Jun 2021 10:31

Tnexster wrote:Do they even want to be downtown? Everyone else seems to go out, way out.


Yeah, D Magazine managed to leave out the most likely locations -- a low-rise campus in the suburbs, a la Fidelity, Chase, Charles Schwab, Bank of America . . .

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I45Tex
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Re: Corporate Relocations/Expansions

Postby I45Tex » 30 Jun 2021 13:55

Addison wrote:A selfish part of me wishes they would land at Dallas Midtown. Maybe with them as a tenant, the project can really start to move forward. But I'm sure that's not going to happen, because for one reason it will likely take some time for the office space to come online.


It could also help if the relo went in the LBJ submarket. The three renovated Galleria office towers owned by Piedmont REIT are as big (combined) as Comerica Bank Tower downtown and claim to have large contiguous floor blocks available although they don't say how much:
http://galleriaofficedallas.com/property/index.html

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Re: Corporate Relocations/Expansions

Postby cowboyeagle05 » 01 Jul 2021 11:05

And the sources for this news of a move of offices sound like they are the type that says Dallas when they mean Frisco. They aren't gonna have the details and mostly are gonna hear in the Dallas area. If Goldman Sachs wanted to be in city I would imagine they would be pushing the city for something out of the deal and City Hall seems pretty quiet considering.
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Tucy
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Re: Corporate Relocations/Expansions

Postby Tucy » 01 Jul 2021 13:19

I45Tex wrote:
Addison wrote:A selfish part of me wishes they would land at Dallas Midtown. Maybe with them as a tenant, the project can really start to move forward. But I'm sure that's not going to happen, because for one reason it will likely take some time for the office space to come online.


It could also help if the relo went in the LBJ submarket. The three renovated Galleria office towers owned by Piedmont REIT are as big (combined) as Comerica Bank Tower downtown and claim to have large contiguous floor blocks available although they don't say how much:
http://galleriaofficedallas.com/property/index.html


According to the website you linked, they don't have that much space available - Just over 50,000 square feet total. (If that is accurate, these have to be among the healthiest buildings in all of Dallas).

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Re: Corporate Relocations/Expansions

Postby Tnexster » 06 Jul 2021 08:38

For companies considering California to Texas moves, the question is ‘why didn’t we do this sooner’
Site Selection magazine says Texas topped the list of states with the most new projects for 2020, buoyed by business-friendly climate and an accessible talent pool.

https://www.dallasnews.com/business/ban ... dquarters/

Corporate interest was up for the duration of the pandemic, confirmed Dallas Regional Chamber’s senior vice president of economic development Mike Rosa. The DRC is tracking 109 projects at the moment, including 24 companies considering headquarters moves and 22 moving corporate offices. In previous years, it typically tracked 50 to 60 projects at any given time, he said.

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Re: Corporate Relocations/Expansions

Postby st0760 » 08 Jul 2021 00:26

If I was a betting man I’d put the house on the new Goldman office being in Uptown or on the edge of downtown closest to Uptown. You have to remember $40-45 PSF Dallas rents are nothing compared to the $80-100 PSF you might pay in Manhattan.

This is being talked about as a build-to-suit trophy asset, second in quality and size to only their NYC HQ. Medium term potential 2-3x increase in employment over their already 3,000 employees in DFW. No way they go cheap in the burbs and blow it on the recruiting front with younger talent.

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Re: Corporate Relocations/Expansions

Postby Addison » 08 Jul 2021 10:35

Marketing and design firm leaving Addison for new Uptown Dallas office

https://www.dallasnews.com/business/rea ... as-office/

An Addison marketing firm is headed to Uptown for its new office digs.

Scorpion Design Inc. has rented a full floor in the One McKinney office tower in Dallas.

The marketing and technology company is moving from Addison Circle near the Dallas North Tollway to the building at 3232 McKinney Avenue.

Scorpion – which represents a wide variety of business clients with online marketing and services – is based in Utah and has offices in California, Texas and New York.

The company picked Gaedeke Group’s One McKinney tower for its expanded local operations.

“This particular space at One McKinney was the perfect fit for Scorpion in that it offered a full furniture package and plug-and-play layout,” Elliot Prieur, Senior Vice President of Leasing at Gaedeke Group, said in a statement. He said the new office also allows for “flexible expansion options and lease term to provide for their anticipated growth.”

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Re: Corporate Relocations/Expansions

Postby Addison » 08 Jul 2021 10:38

Local specialty financing firm files to go public

https://www.bizjournals.com/dallas/news ... pital.html

A Dallas-based investment firm that provides specialized financing filed Tuesday to raise up to $100 million in an initial public offering.

Preston Hollow Community Capital Inc., which until its offering to go public was known as Preston Hollow Capital LLC, will continue to provide specialized impact financing for projects to “renew and improve local communities” through sustainable economic growth initiatives. The company is pitching to list its Class A Common Stock on the New York Stock Exchange, although the number of shares and their price range, along with the company’s ticker, hasn’t been determined, all per a Securities and Exchange Commission record.

The deal is subject to market conditions, the document said, and may not be completed.

Preston Hollow Community Capital lends to local governments, higher education institutions, not-for-profit entities and other borrowers, per its SEC filing. Financially, the company operates through "rigorous and disciplined" credit underwriting and investment structuring, largely in tax-exempt municipal bonds or loans. Since Preston Hollow’s formation seven years ago, it has originated over $3.7 billion in financings, the document shows.

Preston Hollow Capital invests in real estate, infrastructure, and economic developments that come with special tax incentives, specifically to deliver on its impact objectives and generate strong returns, the public filing shows. Some of its investments include universities, hotels, medical centers and mixed-use projects across the country.

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Re: Corporate Relocations/Expansions

Postby potatocoins » 08 Jul 2021 11:33

st0760 wrote:If I was a betting man I’d put the house on the new Goldman office being in Uptown or on the edge of downtown closest to Uptown. You have to remember $40-45 PSF Dallas rents are nothing compared to the $80-100 PSF you might pay in Manhattan.

This is being talked about as a build-to-suit trophy asset, second in quality and size to only their NYC HQ. Medium term potential 2-3x increase in employment over their already 3,000 employees in DFW. No way they go cheap in the burbs and blow it on the recruiting front with younger talent.


I really hope that is the case, but I'm not trying to get my hopes up.

Addison wrote:Marketing and design firm leaving Addison for new Uptown Dallas office


Love seeing companies move from the 'burbs closer to Downtown.

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Re: Corporate Relocations/Expansions

Postby utgf » 08 Jul 2021 19:15

Tnexster wrote:For companies considering California to Texas moves, the question is ‘why didn’t we do this sooner’
Site Selection magazine says Texas topped the list of states with the most new projects for 2020, buoyed by business-friendly climate and an accessible talent pool.

https://www.dallasnews.com/business/ban ... dquarters/


As California continues to thrive.
https://www.bloomberg.com/opinion/articles/2021-06-14/california-defies-doom-with-no-1-u-s-economy?sref=B3uFyqJT
California Defies Doom With No. 1 U.S. Economy
No one anticipated the latest data readout showing the Golden State has no peers among developed economies for expanding GDP, creating jobs, raising household income, manufacturing growth, investment in innovation, producing clean energy and unprecedented wealth through its stocks and bonds. All of which underlines Governor Gavin Newsom’s announcement last month of the biggest state tax rebate in American history.

By adding 1.3 million people to its non-farm payrolls since April last year — equal to the entire workforce of Nevada — California easily surpassed also-rans Texas and New York. At the same time, California household income increased $164 billion, almost as much as Texas, Florida and Pennsylvania combined, according to data compiled by Bloomberg. No wonder California’s operating budget surplus, fueled by its surging economy and capital gains taxes, swelled to a record $75 billion.

The most trusted measure of economic strength says California is the world-beater among democracies. The state’s gross domestic product increased 21% during the past five years, dwarfing No. 2 New York (14%) and No. 3 Texas (12%), according to data compiled by Bloomberg. The gains added $530 billion to the Golden State, 30% more than the increase for New York and Texas combined and equivalent to the entire economy of Sweden. Among the five largest economies, California outperforms the U.S., Japan and Germany with a growth rate exceeded only by China.

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Re: Corporate Relocations/Expansions

Postby Addison » 14 Jul 2021 13:11

Battery maker moves HQ from Chicago to Fort Worth, with plans to add 100 jobs

https://www.dallasnews.com/business/loc ... -100-jobs/

A company that makes batteries and battery chargers is moving its headquarters from Chicago to Fort Worth, with plans to add 100 new jobs to its existing 150-person workforce.

Schumacher Electric Corp., established in 1947, is occupying 30,000 square feet of office space and a 300,000-square-foot distribution center near Dallas-Fort Worth International Airport. The move is expected to be completed this summer.

The company has 2,000 employees globally and 150 were already in North Texas to prepare for the relocation. More employees will make the move from the Chicagoland-area to D-FW in the coming months.

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Tivo_Kenevil
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Re: Corporate Relocations/Expansions

Postby Tivo_Kenevil » 14 Jul 2021 19:37

With Zoom / Virtual teams a reality now.. what is stopping employers from basing their HQs in TX and allowing people to work from wherever? My boss working from Florida ATM. People want liberty nowadays. Confining yourself to locale is not a barrier anymore...

Case in point, 2000 employee and only 300 or so in your HQ state?

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Re: Corporate Relocations/Expansions

Postby Addison » 15 Jul 2021 11:40

Tivo_Kenevil wrote:With Zoom / Virtual teams a reality now.. what is stopping employers from basing their HQs in TX and allowing people to work from wherever? My boss working from Florida ATM. People want liberty nowadays. Confining yourself to locale is not a barrier anymore...

Case in point, 2000 employee and only 300 or so in your HQ state?


Valid point.

In all fairness, it seems full time remote isn't going to be a thing at most companies. The vast majority seem to be either returning to the office full time or going hybrid (I.E. 3 days in the office) which limits how far away their employees can live. This is especially true for manufacturers such as the battery HQ above, where it's difficult to do your job from home when you're an integral part of the assembly/production process.

It should be noted BTW, there's a return to office tracker by a company I think called Kastle Systems and it shows the big Texas metros are leading the way with the return to work by a huge margin (nearly 50% return rate).

That said, we won't actually see the full effect of COVID-19 paradigm shifts statistically for several more years yet. I'd be interested to see the impact on DFW's growth rate in particular, if not as many people have to relocate here for work.

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Re: Corporate Relocations/Expansions

Postby undefinedprocess » 19 Jul 2021 10:18

Question regarding Goldman Sachs' new NTX location... Obviously, most/all of us want to see them go downtown. Which project would be prefer in a dream scenario? Probably differs from person to person. Some want to see the Field St District take off, others want the North End redevelopment to be anchored by them. Some might want NewPark.Some may want The Central to be anchored by GS. Others may want Midtown/Park Heritage to take them. I'd be fine with any of the above, although I'd prefer them to be in downtown.

For those of you who've seen my posts in the suburban thread, y'all know I like the general Legacy area and want to see more development (especially vertical/increased density) in the area, but I hope that GS doesn't go to the burbs at all.
What're the chances they DO go to the burbs, especially somewhere like West Plano/Legacy/Frisco? I feel like the JCP HQ (redevelopment or not) could support their needs... Not sure the sqft. number but that's a huge campus, and the previously shot down redevelopment plans could've definitely supported them. I sincerely hope they don't go out there, but what do y'all think? Do you think they're really locked in on an urban setting, or might they be another relo to go out to the suburbs?

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Addison
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Re: Corporate Relocations/Expansions

Postby Addison » 19 Jul 2021 10:25

undefinedprocess wrote:Question regarding Goldman Sachs' new NTX location... Obviously, most/all of us want to see them go downtown. Which project would be prefer in a dream scenario? Probably differs from person to person. Some want to see the Field St District take off, others want the North End redevelopment to be anchored by them. Some might want NewPark.Some may want The Central to be anchored by GS. Others may want Midtown/Park Heritage to take them. I'd be fine with any of the above, although I'd prefer them to be in downtown.

For those of you who've seen my posts in the suburban thread, y'all know I like the general Legacy area and want to see more development (especially vertical/increased density) in the area, but I hope that GS doesn't go to the burbs at all.
What're the chances they DO go to the burbs, especially somewhere like West Plano/Legacy/Frisco? I feel like the JCP HQ (redevelopment or not) could support their needs... Not sure the sqft. number but that's a huge campus, and the previously shot down redevelopment plans could've definitely supported them. I sincerely hope they don't go out there, but what do y'all think? Do you think they're really locked in on an urban setting, or might they be another relo to go out to the suburbs?


As you know, I'm biased towards Dallas Midtown.

But I would be happy with any site in DFW (Trophy Club, Monarch City, Legacy, Downtown/Uptown, Cypress Waters, Las Colinas, etc.).

As long as they don't go to Austin, lol.

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Re: Corporate Relocations/Expansions

Postby Matt777 » 19 Jul 2021 12:00

I just read an article that the average Collin County home is now $440,000. If that area gets saturated with thousands of more jobs like Goldman, when will it end? Who in their right mind would pay $750k-$1 million for a generic Plano tract house behind a Walmart when the driving force to come to TX in the first place was lower costs?

The center of gravity needs to move back towards Downtown Dallas. That would benefit the northern burbs in the long run, preventing them from overheating and losing their competitive advantage (cost).

The southern sector (and Eastern Dallas metro TBH) can better absorb increased development. The cities directly south of Dallas are ripe for suburban development, and frankly the south side of the Dallas metro is prettier land, with hills, big trees, and creeks unlike the flat, treeless farmland of Plano/Frisco/Celina.

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Addison
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Re: Corporate Relocations/Expansions

Postby Addison » 19 Jul 2021 12:42

Matt777 wrote:I just read an article that the average Collin County home is now $440,000. If that area gets saturated with thousands of more jobs like Goldman, when will it end? Who in their right mind would pay $750k-$1 million for a generic Plano tract house behind a Walmart when the driving force to come to TX in the first place was lower costs?

The center of gravity needs to move back towards Downtown Dallas. That would benefit the northern burbs in the long run, preventing them from overheating and losing their competitive advantage (cost).

The southern sector (and Eastern Dallas metro TBH) can better absorb increased development. The cities directly south of Dallas are ripe for suburban development, and frankly the south side of the Dallas metro is prettier land, with hills, big trees, and creeks unlike the flat, treeless farmland of Plano/Frisco/Celina.


It's a chicken vs. egg problem.

People are hesitant to move southward because the vast majority of job hubs are north of Dallas and they're significantly lacking in the commercial anenities that places like Plano have.

The schools, at least in Ellis County, are now somewhat competitive though. For a while, this was another issues steering people away from the southern suburbs.

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Re: Corporate Relocations/Expansions

Postby Kelley USA » 23 Jul 2021 10:33

This article in the DMN basically indicates that Goldman has been looking at Southlake, Westlake, Plano & Frisco... Also makes note that Wells Fargo has been looking for several hundred thousand square feet in the Las Colinas / DFW Airport area. I also heard from a friend of mine that owns a real estate company that Goldman is looking at Las Colinas as well.

I guess we'll see how it all shakes out!

https://www.dallasnews.com/business/rea ... as-campus/

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Re: Corporate Relocations/Expansions

Postby Addison » 23 Jul 2021 10:52

Kelley USA wrote:This article in the DMN basically indicates that Goldman has been looking at Southlake, Westlake, Plano & Frisco... Also makes note that Wells Fargo has been looking for several hundred thousand square feet in the Las Colinas / DFW Airport area. I also heard from a friend of mine that owns a real estate company that Goldman is looking at Las Colinas as well.

I guess we'll see how it all shakes out!

https://www.dallasnews.com/business/rea ... as-campus/


Not surprised.

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Re: Corporate Relocations/Expansions

Postby potatocoins » 23 Jul 2021 10:56

Glad they are coming to DFW, but wish it was closer to the urban core. I'll be happy if they both end up in Las Colinas there as that's not terribly far out.

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Re: Corporate Relocations/Expansions

Postby Addison » 23 Jul 2021 11:15

potatocoins wrote:Glad they are coming to DFW, but wish it was closer to the urban core. I'll be happy if they both end up in Las Colinas there as that's not terribly far out.


They did emphasize that they want to be close to their competitors (I.E. Charles Schwab, Chase, etc.) in order to easily poach talent.

And I know this isn't a particularly popular point to bring up, but if they're trying to attract employees who have (or plan to have) children, the urban core will be a hard sell because DISD is perceived to have poorer performing schools that ISDs such as Plano, Frisco and Southlake.

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Re: Corporate Relocations/Expansions

Postby Tnexster » 23 Jul 2021 11:26

I am not surprised, would be if one chose a downtown location but talent rules and the talent pool has long since moved away from the core.

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Re: Corporate Relocations/Expansions

Postby st0760 » 23 Jul 2021 15:05

I think on talent there's a few things to note. Let me know if you disagree!

1) These non-HQ locations are generally very bottom heavy, even more so than the normal pyramid structure already in place at a bank. Levels above middle management are still concentrated in NYC.

2) I think ~ generally ~ (this could be an unfair characterization) older folks seem more ok with 30+ minute commutes. I can think of very few people my age (< 30) that would ever volunteer for a job further than that from their houses unless no other options.

3) I cannot think of a single person I graduated with, who wanted to live away from their parents, who was like "sick, can't wait to get a place in Plano".

4) Goldman was already in Las Colinas 3ish years ago and chose to move downtown, much to the chagrin of the older folks who all had just bought houses in grapevine etc.

5) If you look at their campus recruiting strategy, which is where they source a very significant chunk of their workforce, for any location (not just Dallas) being in a vibrant part of town with a cool office is a major selling point. Not to knock on Plano again, but it just doesn't have the same appeal on campus in my opinion

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Re: Corporate Relocations/Expansions

Postby tamtagon » 23 Jul 2021 16:19

Las colinas at a rail station is fine.... Live downtown ride train to work.... Building the residential population in the CBD is ultimately the best way to accelerate replacing the suburban infrastructure with pedestrian.

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Re: Corporate Relocations/Expansions

Postby potatocoins » 23 Jul 2021 16:22

tamtagon wrote:Las colinas at a rail station is fine.... Live downtown ride train to work.... Building the residential population in the CBD is ultimately the best way to accelerate replacing the suburban infrastructure with pedestrian.


Agreed, that's why I'm rooting for Las Colinas. It's close enough in proximity to allow people to commute from the urban core and has rail access for those who want to do that as well.

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Re: Corporate Relocations/Expansions

Postby Kelley USA » 26 Jul 2021 16:26

Look, I'm in my 40's but have a number of friends in their late 20's / early 30's. Honestly, more than a handful of them actually hate working DT and living in Uptown is not appealing in the slightest to them. I have a few other friends in their early 30's that live and work in Plano and they absolutely love it. Have another friend that works for Integrity Marketing, they're moving from Cypress Waters to DT. She's mid-30's and not the least bit excited, and in fact, said most of the co-workers she speaks with are not very excited. She loves living in Cypress Waters. Different strokes for different folks, but I do wonder where that line is now in terms of having to be Uptown / DT to attract the top talent. I say all that to also say, I do have friends that live / work in Uptown and they wouldn't want to be any other place!

cowboyeagle05
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Re: Corporate Relocations/Expansions

Postby cowboyeagle05 » 26 Jul 2021 17:24

Zillow also moved its offices from Cypress Waters to a building in Las Colinas recently. You wont see it in the headlines though cause they downsized dramatically cause the office is mostly WFH now with very few in office except those needing tp process mail.
“Growth for the sake of growth is the ideology of the cancer cell”

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Addison
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Re: Corporate Relocations/Expansions

Postby Addison » 29 Jul 2021 13:23

Virginia-based credit union adds 300-job mortgage office in Irving

https://www.dallasnews.com/business/rea ... in-irving/

One of the country’s largest credit unions is adding hundreds of jobs at a new office in Irving.

Virginia-based PenFed Credit Union has leased 30,000 square feet in the Las Colinas Highlands building at 6191 N. State Highway 161.

The financial firm will use the space to expand its local operations.

“PenFed is expanding our mortgage origination and servicing businesses in Texas, and we’re eager to hire up to 300 new originations and servicing team members in Irving,” Lee Wardlow, PenFed’s senior vice president of mortgage servicing, said in a statement.

PenFed previously added to its Texas workforce in 2919 with a 500-job financial service center in San Antonio.

The new Irving office is in the seven-story Las Colinas Highlands building.

“We are thrilled to have PenFed join our Las Colinas building,” Kristi Waddell, vice president of leasing with Cawley Partners, said in a statement. “The location and highly efficient floor plans should serve them well and allow for the expected growth of their team.”

Waddell negotiated the lease with Sara Fredericks of Newmark.

PenFed is the second financial firm to recently lease offices for mortgage operations in Irving.

California-based Rushmore Loan Management Services just leased 78,000 square feet in Irving’s Freeport Business Center to expand its local operations.

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Addison
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Re: Corporate Relocations/Expansions

Postby Addison » 29 Jul 2021 17:21

SoCal manufacturer bringing new facility, 140 jobs to Fort Worth

https://www.bizjournals.com/dallas/news ... worth.html

EJ Lauren, a Southern California-based upholstery company, plans to open a new manufacturing facility in Fort Worth, bringing up to 140 jobs.

The company is taking 88,560 square feet at Majestic South Fort Worth Business Park's Building 2, according to Kyle Valley, senior vice president at Majestic Realty Company. With the lease, Valley says more than 55% of the park will be occupied by manufacturers. The new full-time jobs that EJ Lauren plans to create will include factory workers and office staff.

“I believe Texas has all of the ingredients necessary for EJ Lauren to succeed,” said company founder Tony Ocampo in a prepared statement. “We are excited to partner with Fort Worth and The Majestic Group and to become a part of the Fort Worth community for the expansion of EJ Lauren. They have been amazing every step of the way. We are looking forward to our continued growth and thank the Chamber of Commerce and the city of Fort Worth for their warm welcome and hospitality..."

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Addison
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Re: Corporate Relocations/Expansions

Postby Addison » 08 Aug 2021 11:23

Below are a couple interesting reads about DFW's economic growth (and actually, for Texas in general) going forward. Needless to say, there are plenty of headwinds and storm clouds to be wary of this decade.

https://www.bizjournals.com/sanfrancisco/news/2021/08/04/could-wells-fargo-s-project-falcon-land-bank-s-h.html

https://www.bizjournals.com/dallas/news/2021/08/08/texas-business-rankings-cnbc-perryman.html

Since the articles are behind the paywalls, these were the 2 biggest headwinds:

1. The Texas legislature going way off the deep end to restrict the rights of minorities and women.

2. A massive property tax credit (called "313") is set to end next year.

I do think the high personal property taxes are another possible headwind, granted much less so as long as property values don't get crazy.

As far as point #2, that's why there's so much speculation that Wells Fargo's search for an office might also be a HQ relocation, to qualify for that property tax abatement before it expires and also because their consultants & shareholders are pressuring them to get out of San Francisco (for reasons I'm sure we all know about).

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potatocoins
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Re: Corporate Relocations/Expansions

Postby potatocoins » 08 Aug 2021 11:43

I wonder legislation is in the cards that is supposed to restrict my rights as a minority. Haven’t heard much about that.

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Addison
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Re: Corporate Relocations/Expansions

Postby Addison » 08 Aug 2021 11:53

potatocoins wrote:I wonder legislation is in the cards that is supposed to restrict my rights as a minority. Haven’t heard much about that.


Well, plenty of other people have..

...Switching to the CNBC rankings, Texas dropped to fourth in those in large part because the network added a broad category called life, health and inclusion. CNBC evaluates 85 areas within 10 broad categories.

Longtime Waco-based economist Ray Perryman noted that “while fourth is not terrible, it is worse than we normally fare in such listings.”

Texas topped the CNBC rankings in the workforce area, which is based on items such as educational attainment, attraction of college-educated workers, concentrations in key job skills, productivity, availability and diversity, Perryman, president and CEO of The Perryman Group, said in his weekly column published on his web site. The state also ranked highly in access to capital (third), and economy (fifth), Perry notes.

However, the state ranked 49th in life, health and inclusion, which Perryman called “abysmal.”

The CNBC ranking called out Texas for "policies that run counter to inclusiveness" such as current and proposed restrictions on voting and LGBTQ rights. CNBC also cited Texas’ underfunded public health system, low COVID-19 vaccination rate and the fact that the state has the nation's highest rate of uninsured residents.


And I'm going to leave it at that.

I just hope the state government doesn't begin to rest on its laurels and go so far off the deep end on social issues that it deters companies that would otherwise consider the state for its low taxes and limited business regulations.