Samsung to Relocate Texas HQ to Plano
- Apr 17, 2018
Samsung Electronics America Inc. has signed a 216,000-square-foot lease at Building 4 of Legacy Central. The tech giant plans to move about 1,300 employees from its Richardson, Texas, headquarters next February to the 1 million-square-foot technology-oriented office and mixed-use campus in Plano.
“We are continuing our strong commitment to North Texas by investing in a new office space at Legacy Central,” Tim Baxter, Samsung Electronics North America’s president & CEO, said in a prepared statement. “This move not only provides us with an opportunity to create an improved workplace experience for our Texas-based employees, but truly showcases our continued investment in our Texas roots.”
Regent Properties acquired the asset, located at 6625 Declaration Ave., three years ago. The Los Angeles-based company has invested more than $80 million in common-area capital improvements to transform Texas Instruments’ former campus into a state-of-the-art office center.
“Legacy Central allows Samsung the ability to have its own building with room to grow,” Eric Fleiss, Regent’s CEO, said in prepared remarks. “The building look and feel supports Samsung’s brand identity, and the amenities and food hall will provide an enjoyable and productive environment for Samsung employees.”
Situated on 84 acres, the Legacy Central campus will consist of office space across four buildings. Amenities will include WiFi-enabled courtyards, a 300-person conference hall with an entertainment center, fitness center and a 400-seat food hall that offers on-demand ordering via a mobile app. There are also collaborative courtyards, meeting spaces and jogging trails.
Transwestern’s Managing Director Duane Henley and Principal Nathan Durham represented Regent Properties in the transaction. JLL Vice Chairman Matt Astrachan, Managing Director Steve Thelen, Executive Vice President Nicole Tiger and Senior Vice Presidents Kimarie Arkenbrand and Simon Landmann negotiated the lease on behalf of Samsung.
The DFW attraction
Downtown Plano is becoming something of a technical renaissance of late. And it’s not just Plano that’s high on investors’ radar as the entire DFW office market is getting lots of attention. Transactions exceeding $300 per square foot during the fourth quarter of 2017 included PRP Property Management and AXA Equitable Financial Services’ purchase of the 264,000-square-foot FedEx Office Headquarters in Far North Dallas for $79.7 million. TA Realty snapped up Berkshire at Preston Center, a 189,000-square-foot property in the Preston Center submarket, for $68.6 million. And Veritex Bank purchased the 96,500-square-foot Veritex Bank Plaza for $41.5 million, or a notable $430 per square foot.
Last month, Transwestern represented financial services company H. Beck Inc. in a 23,000-square-foot lease to move its headquarters into Research West I, a 122,500-square-foot Washington, D.C.-area office building. The tenant plans to occupy its new space this August.
Image courtesy of Transwestern