[ad_1]
Dallas. Image courtesy of TimUrban 89 via pixabay
Wells Fargo has acquired the Las Carolinas property, located in the Dallas suburb of Irving, Texas. The bank is expected to construct its own regional campus on the lot. A local investment group sold the site for an undisclosed price.
The developer building the campus is KDC. Wells Fargo secured more than $30 million in financing through Irving’s city council for its construction.
The office asset will be a $200 million development on the corner of Las Colinas Boulevard and Promenade Parkway. First-phase plans include two 10-story buildings of bank offices, with a total 800,000 square feet of space.
Located on some 6.7 acres outlined into two tracts, as shown in the land’s deed, the campus is set to employ around 4,000 workers. Along with office space, the two buildings are anticipated to be within a larger mixed-use development that will include restaurant and retail space.
READ ALSO: What You Need to Know About the DWF Office Market
In proximity to the expected regional campus are the Irving Convention Center and the Toyota Music Factory.
While there is speculation that this build-to-suit development could house a new headquarters, a Wells Fargo spokesperson said in prepared remarks in June that the bank has no current plans to move its headquarters, now located in San Francisco.
The property is set to be one of the largest office developments in North Texas. Goldman Sachs is constructing the only office development that is currently bigger, located north of downtown Dallas. Once completed, the Goldman Sachs asset will employ 5,000 workers.
North Texas, a hot spot for investment
Investment in office space in North Texas is currently highly active, due to many corporate relocations. The 2022 quarter two total for office space that traded in the Dallas-Fort Worth area was 48.3 percent higher than the one recorded in the first quarter of this year.
Less than a 20-minute drive from the potential Wells Fargo campus, Urban Logistics Realty has recently completed its industrial campus totaling 366,711 square feet.
The Wells Fargo development is set to open by 2026.
[ad_2]
Source link
