Dive Brief:
- Global investment banking firm Goldman Sachs started last week at its 800,000-square-foot Dallas campus designed to house more than 5,000 employees. the project it will cost about $500 millionaccording to the Dallas Business Journal.
- Located in the NorthEnd mixed-use development near the city’s Victory Park neighborhood, the all-electric building will include two wings on 3 acres adjacent to a park, according to the company. The project team expects to complete the project by the end of 2027.
- UK-based Balfour Beatty is the general contractor, according to various media reports. A Balfour Beatty representative said he could not comment on whether the contractor is involved in the project.
Diving knowledge:
Designed by New York City-based Henning Larsen Architects, the building will feature social spaces and formal and informal collaboration opportunities and hospitality offerings, as well as an on-site cafe, fitness center, safety daycare , underground parking and conference spaces. .
Dallas-based Hunt Realty owns the building, which is being developed by Hillwood Urban, also based in Dallas.
In June 2022, the Dallas City Council approved $18 million in economic incentives for the project, among the highest in the country last year for such a project, according to the Dallas Business Journal. The agreement is conditional on the company creating or maintaining 5,000 jobs in the city.
The New York City-based investment firm employs about 4,000 people in the Dallas-Fort Worth metro area, where it has operated since 1968.
Developers scaled back plans for the 14-story office complex this summer when they cut about 100,000 square feet from the original plan, which called for three buildings totaling nearly 1 million square feet, according to the Dallas Morning News.
Still, the project is among the largest office developments the city has seen in decades, despite challenges facing the sector since the COVID-19 pandemic led to a surge in hybrid work .
About a quarter of the office space in the Dallas-Fort Worth market was vacant last term, according to a research report from commercial real estate firm Texas Partners. The national office vacancy the rate was 16.4% over the same time period, according to Colliers.
