And the consumer finance company plans to hire an additional 250 workers during the next 18 months, according to filings with the city.
Santander is relocating its operations from a building at 8585 N. Stemmons Freeway near Love Field to downtown’s Thanksgiving Tower.
Construction is underway to remodel the office space for the company, and some workers have already relocated to eight floors of the Elm Street skyscraper.
“By this time next year, with the influx of additional associates, we will occupy 14 floors of the 50-story building and about 26 percent of its 1.4 million square feet of space,” Santander Consumer USA CEO Tom Dundon wrote on the company's website. “The new offices represent an upgrade over our former facilities along Stemmons Freeway.”
Santander is leasing 350,000 square feet in the office tower, which is undergoing a $100 million renovation.
Dallas economic development officials have proposed giving Santander a $1 million economic development grant to help pay for the downtown move.
The company considered consolidating its operations in Irving before picking the downtown skyscraper, according to the city filings.
Last July, Thanksgiving Tower was purchased by Woods Capital of Dallas in building in partnership with Third Point Opportunities Master Fund of New York.
Santander operates an auto and consumer finance business. The Dallas-based firm was known as Drive Financial before its acquisition by a subsidiary of Banco Santander S.A., which is based in Spain.