Richardson nabs Texas Capital
The Dallas-based bank signed an 11-year lease for 80,000 square feet at 2350 Lakeside Blvd. — one of the largest office leases in the city in more than a year. Texas Capital plans to move into the space in early June.
The bank plans to grow its employment by about 10% annually for the next few years, and the Richardson building will accommodate the expansion and provide the technological infrastructure Texas Capital needs, said Jim White, the bank’s executive vice president and chief operations officer.
“We are a growing bank, and we’re profitable,” White said. “We plan to continue to grow both our assets and our operations. We’re excited about the move to this building and this location.”
Most of the jobs are IT positions, along with product development, client services, loan and deposit processing and Internet banking positions, White said. Texas Capital is considering opening a banking center at the Richardson location as well, he said.
About 185 of the jobs will move to Richardson from a Texas Capital Bank office at 6060 N. Central Expwy. in Dallas, and the other 15 will come from Granite Park in Plano, White said.
Texas Capital selected the Richardson location because it’s centrally located for the company’s employees, it’s near a Dallas Area Rapid Transit light-rail station, and it offered dual power feeds, minimizing the risk of down time for the bank’s data center operations when power outages occur, White said. In addition, the building has a sturdy construction that allows it to handle the weight of the paperwork and files the bank is required to keep, he said.
Renovation revamps space
The eight-story 2350 Lakeside building was vacant before a recently completed $8 million renovation. Upgrades included a new entrance, fitness center, conference space, a café, an additional parking deck, new restrooms, an enlarged lobby and dual-feed electrical service originating from two separate substations, said Kim Butler of commercial real estate firm Transwestern.
Butler and Reid Caldwell, also of Transwestern, represented the owner, Transwestern Investment Co., a Chicago-based private equity investment company. Terry Quinn and Eddie Tillman of CresaPartners Dallas represented Texas Capital Bank in the lease.
“The idea from the ownership was to make 2350 Lakeside a new building,” Caldwell said. “All the floors were cleared out and it received renovations throughout. With Texas Capital Bank (as a lead tenant), we feel like we were right with the vision behind it.”
The lease is the largest new lease signed in a Class A building in Richardson since MetroPCS chose Richardson for its home in mid-2007, Butler said.
The quoted lease rate at Lakeside is $23 per square foot, plus electricity, and the rate includes parking, Butler said.
The lease takes occupancy at the 200,000-square-foot Lakeside building to 40%, she said.
“Richardson is doing a really good job of getting its message across as a pro-business community offering good transportation infrastructure and a good quality-of-life,” Butler said. “They have a lot of qualities that companies are looking for today.”
To offset moving costs, the City of Richardson approved a 10-year, 50% business personal property tax abatement for Texas Capital Bank, valued at about $100,000, Deputy City Manager Dan Johnson said. He said the bank jobs will pay an average of about $72,000.
“We certainly appreciate Texas Capital Bank’s decision to move their operating center here,” Johnson said. “It’s a very high-quality financial institution and a great service and capital source in our community and our region.”
The Richardson/Plano/Allen office submarket recorded net leasing of 397,485 square feet in 2008, according to research from commercial real estate firm Grubb & Ellis Co. The net leasing total was second only to the Uptown/Turtle Creek submarket out of the 24 Dallas-Fort Worth submarkets that G&E tracks.
In addition to the Richardson move, Texas Capital Bank also is moving its corporate headquarters. The bank is taking its headquarters from 2515 McKinney Ave. to 100,000 square feet in a new, 21-story office tower at 2000 McKinney Ave., where it will be the name tenant. The bank plans to open for business Feb. 9 in its new headquarters.