Richardson off to a fast start in 2014

05/29/2014

Through the first third of the year, completed Richardson expansion and relocation projects doubled the average four-month output of new or retained jobs and commercial real estate occupancy for the previous five years:  

 

 

 

Number of Projects

Jobs

Sq Ft Occupancy

2014 through 4/30

7

4,305

1,087,972

Five-Year Prorated Avg. 

12

1,822

532,454


The big projects that pushed jobs and square foot occupancy to double the five-year averages for four months were State Farm’s February announcement of an additional 500,000-square-foot building at CityLine and Raytheon’s March announcement of a 1,700-employee campus in Richardson.

 

State Farm’s fourth building at CityLine will accommodate another 2,500+ Richardson employees, if the same employee to square foot ratio for the 1.5-million-square-foot Phase I prevails. It will bring its total Richardson workforce near or over 10,000. Occupancy of the three-building, 1.5-million-square-foot Phase I State Farm development will begin late this year and continue through the first half of 2015.

 

Raytheon culminated a multi-year search in selecting CityLine for the relocation of its current campus on Jupiter Road just north of the LBJ Freeway. Construction will begin on the three-building, 489,000-square-foot campus this summer and occupancy will occur in late 2015. Intelligence & Information Services (ISS) is the Raytheon business unit making the move. Its engineering and technical workforce has a major focus on cyber-security. The Richardson campus will be an “Engineering Hub” that complements the Space & Airborne unit’s 3,000-strong manufacturing and assembly facility in McKinney, and the 2,000-employee semiconductor-related contingent on the north side of the Texas Instruments campus in Dallas. Upon completion of the Richardson facility, Raytheon’s North Texas workforce of 8,000 will be aligned along the Highway 75 Corridor.

 

REDP has extended its marketing outreach to both coasts in 2014. April visits to the Silicon Valley, that included Mayor Laura Maczka and City Manager Dan Johnson, enabled Richardson to thank companies like Cisco that have local operations, and to develop new leads. REDP also participated in Governor Perry's marketing trip to New York City in April and met with a number of relocation prospects as well as site selectors.

 

The pace of new prospect activity is at the highest it has been in over a decade, and Richardson is well-positioned to capture its share of all the great business that is making a move.

Richardson Relocations, Expansions and Renewals, 2014

 
# Date CompanyBusinessTypeFrom Occupancy Address Square Feet Type Space JobsBroker 
1/6/2014 HBS SystemsAgricultural & industrial equipment industriesRelocationRichardsonLease 3400 Waterview #200 24,000 Office 60 Daniel Rudd
NGKF 
21/13/14 PHA Consulting Engineers, Inc.Consulting engineersRelocationRichardson Lease 1101 E. Arapaho Ste. 130 5,162Office 20 Kent Smith
NAI Robert Lynn 
32/14/14 State Farm Property insurance Relocation Bloomington, IL Lease CityLine 500,000 Office 2,300 R. Cooper, C. Wilson
Cassidy Turley 
42/18/14 Image Technology Systems Develop software for lodging facility management Relocation Plano Buy 2209 N. Collins 11,810 Flex 35 None 
3/4/2014 ZTE Mobile handset manufacturers Renewal Richardson Lease 2425 N. Central Expy 45,000 Office 120 Rachel Brown
JLL 
3/25/2014 Prodea Home digital entertainment platform Renewal Richardson Lease 2435 N. Central Expy 13,000 Office 70 None 
73/26/2014 Raytheon Information and Intelligence servicesRelocation Garland Build CityLine 489,000 Office 1,700 B. Selner, S. Holley
JLL 
 Totals      1,087,972 4,305 

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