Thursday, June 11, 2015

Report: Texas looking to lasso General Electric's headquarters

Texas is throwing its hat into the ring in hopes of landing an iconic brand
like General Electric.
It appears Texas Gov. Greg Abbott has thrown the Lone Star state's hat into the ring as a suitor for the headquarters of Connecticut-based General Electric, according to a report by Hearst Connecticut Media Group. 
The news group obtained a one-page letter Abbott reportedly sent to General Electric CEO Jeffrey Immelt promising the company a smaller tax bill and lots of economic incentives.
In the letter, Abbott said he was sure governors throughout the United States were writing similar letters to Immelt after he spoke openly about his displeasure with Connecticut's proposed $700 million increase in taxes on businesses over the next two years.
"But how many of my colleagues just passed a total relief tax package of $3.8 billion like we did last week in Texas," according to the report.
General Electric has formed an exploratory committee to look for alternate locations for its corporate campus. And if the committee looked in North Texas, they'd find plenty of options.
On Wednesday, Ross Perot Jr.'s company, Hillwood, announced it is widely marketing two prime development sites in downtown Dallas and the adjacent Victory Park neighborhood for large corporate users.
Dallas developer Lucy Billingsley is well underway on the $3.5 billion Cypress Waters development, which has already attracted major corporate tenants like Dallas-based 7-Eleven Inc. and Nationstar.
Fehmi Karahan's Team Legacy group has landed major corporate clientele at his $2 billion Legacy West development with Toyota North America, FedEx Office and Liberty Mutual Insurance.
And if you haven't heard of Frisco's '$5 Billion Mile,' which is heavily entrenched in recruiting millions of square feet of corporate tenants, I could tell you about some of the projects underway right now.
Bottom line: Dallas-Fort Worth's real estate community is busy with a number of different relocation and construction projects. But I'm sure they wouldn't mind being a little busier if it meant landing an iconic brand such as General Electric.

Candace Carlisle
Dallas Business Journal