While some businesses are cutting back on their office footprint, Charles Schwab is spending more than $24 million to finish out offices at its Westlake corporate campus.
The financial firm, which moved its headquarters from San Francisco to Texas in 2021, is completing an eight-story office building on its campus at State Highways 114 and 170 in Westlake.
The renovations total more than 281,428 square feet, according to filings with the Texas Department of Licensing & Regulation over the last four months. Austin-based IA Interior Architects is working on the designs.
The construction is scheduled for completion in January 2025. The work includes restrooms, breakrooms, open office spaces and conference rooms, according to the latest state filing.
Schwab began moving workers into its 70-acre Westlake campus in 2019. The four-building office center is located in the Circle T Ranch, which also has large offices for Fidelity Investments and Deloitte.
Work started on Schwab’s first three buildings with 700,000 square feet of space in 2017. The campus now totals more than 1 million square feet and houses more than 2,000 workers. The last building was substantially completed in 2021 but not occupied during the pandemic.
“We are in the process of implementing our plans to complete the interiors of our fourth office building on our Westlake campus, prior to it being occupied in the first half of 2025,” Schwab’s Pete Greenley said in an email.
Construction on Schwab’s campus is scheduled to start just months after the company said it would trim its nationwide workforce by 2,000 people in a cost-cutting move. The company had 35,900 employees at the end of September.
Schwab is adding to its Westlake workspace at a time when other major businesses in North Texas are scaling back their offices. Office demand and occupancy in Dallas-Fort Worth has fallen since the pandemic sent thousands of office employees to work at home.
Irving-based McKesson Corp. is hoping to lease one of its headquarters buildings in Las Colinas to other companies.
D-FW companies are offering more than 10 million square feet of sublease office space for rent – workspace they are no longer using and hope to offload to other firms.
