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After TD Ameritrade Merger, Charles Schwab Moving Headquarters to DFW
Honda, based in Southern California, has shot down rumors that they are considering relocating to the DFW area. However, Charles Schwab, another California company that is based in San Francisco, has confirmed that they will be moving their headquarters to Westlake in the DFW area after the firm acquired TD Ameritrade for $26 billion. Charles Schwab said they are moving to the Dallas Region because “both companies (Charles Schwab and TD Ameritrade) have a sizable presence in the Dallas-Fort Worth area. This will allow the combined firm to take advantage of the central location of the new Schwab campus to serve as the hub of a network of Schwab branches and operations centers that span the entire U.S. and beyond.”
How will this move impact the Westlake CRE market? It’s unclear, but the effects may not be as strong as many think. Charles Schwab said that they will keep most of their existing San Francisco workforce in the city, and that only a small portion of the area’s local jobs will be moving to the new Westlake headquarters. For more information on market trends, rents and more, visit our Houston or Austin City Pages.
Latest Development News
Construction has begun on the first phase of Sapphire Bay, a massive 117-acre, lagoon-anchored development in Rowlett. Phase 1 of the development, which is expected to be completed by 2023, will include the neighborhood’s Crystal Lagoon, as well as a resort, conference center, marina and beach club. Once all phases are complete, the project will include roughly 1.4 M SF of commercial space, and developers hope that it will eventually attract conference goers and more tourists to Rowlett.
In Dallas’ Deep Ellum neighborhood, developers plan a mixed-use development known as The Stack Deep Ellum. The building will include 15K SF of retail and 200K SF of office space to the neighborhood. Meanwhile, Ella West Crossing, a 221K SF industrial project located within Pinto Business Park in North Houston, recently broke ground.
Latest Leases Signed
A couple notable leases were recently inked in the Fort Worth area. Avenger Flight Group LLC is constructing another flight simulation training center in North Texas, and is now leasing 116,640 square feet of class A spec space at DFW Center. Meanwhile, Vital Pharmaceuticals leased 217K SF at Everman Trade Center in Fort Worth.
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