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Dallas-area office projects will house more than 10,000 financial sector workers

Wells Fargo, Goldman Sachs and TIAA are building millions of square feet of D-FW offices.

The Dallas-Fort Worth area leads the country in office building starts this year. And three of the largest office projects in the works for the area have something in common: They’ll house financial firms.

Wells Fargo, Goldman Sachs and Teachers Insurance and Annuity Association will build more than 2.1 million square feet of new offices near downtown Dallas, in Las Colinas and Frisco. Those new offices will house more than 10,000 workers.

This week Irving confirmed that Wells Fargo will occupy a $200 million, 800,000-square-foot office campus to be built on the shores of Lake Carolyn in Las Colinas. Irving is offering more than $30 million in economic incentives for the project.

And Dallas has agreed to provide $18 million in financial incentives for Goldman Sachs to locate workers in an 800,000-square-foot office campus to be built by Hunt Realty just northwest of downtown. Goldman Sachs plans to locate 5,000 workers in the new office.

In Frisco, New York-based TIAA will occupy a new 15-story, more than 500,000-square-foot office tower at the Dallas Cowboys’ Star in Frisco development. The state has provided a Texas Enterprise Fund grant of $18 million for the project, which will house 2,000 TIAA workers.

Altogether, these three North Texas projects will cost more than $750 million — the most of any planned office developments for the area.

Since the D-FW area is already a major financial industry employment hub, real estate execs say it’s no coincidence that Wells Fargo, Goldman and TIAA are building new offices here.

“They are choosing D-FW because of the pro-business climate and the availability of a quality labor force,” said developer Bill Cawley. “Also, the cost to live in Dallas has to be a big driver.”

TIAA — the New York-based pension fund — will occupy one of the two new office buildings at...
TIAA — the New York-based pension fund — will occupy one of the two new office buildings at the Dallas Cowboys' Star in Frisco.(Blue Star Land. )

Some of the largest recent office campuses built in North Texas have been for financial firms.

JPMorgan Chase built more than 1.5 million square feet of space in Plano for its big regional campus. Across the street, Liberty Mutual Insurance built more than 1 million square feet in two towers.

In Richardson, State Farm Insurance’s four-building high-rise campus has 2 million square feet.

Charles Schwab has recently built more than 1 million square feet of space in its Westlake headquarters campus. And nearby accounting firm Deloitte just sealed a deal for a $100 million expansion of its 750,000-square-foot training center and offices.

Financial firms are taking a bigger and bigger bite out of D-FW’s office market, said Andrew Matheny, research manager for commercial property firm Transwestern.

“According to our data, finance, insurance and real estate firms represent 23% of office occupiers in D-FW — or over 53 million square feet,” Matheny said.

Property brokers say that share is likely to grow as more financial firms shift workers from other U.S. markets to North Texas.

“D-FW is already a nationwide hub for the financial services industry, and the recent flurry of activity only further solidifies our position nationally within the industry,” said Cushman & Wakefield executive managing director Robbie Batty.

Goldman Sachs plans to put 5,000 workers in Hunt Realty's planned North End development on...
Goldman Sachs plans to put 5,000 workers in Hunt Realty's planned North End development on Field Street, which will include a 1.5-acre park.(Contributed / Kohn Pedersen Fox)
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