Thursday, July 30, 2015

Texas Instruments is selling its Spring Creek campus in Plano

Texas Instruments Inc. is shrinking its North Texas footprint to fit the company’s smaller size.  
It just doesn’t need the same amount of space anymore and it wants a more collaborative work environment, officials said.
The Dallas-based semiconductor company is selling its 84-acre Spring Creek campus in Plano and plans to relocate the roughly 780 employees who work there to other sites in Dallas and Richardson, spokeswoman Nicole Bernard said.
TI would not disclose the asking price for the property or other details of the real estate listing. But public documents show the property, including a vacant lot, is assessed at a tax value of $35.5 million this year.  
“We are pleased with the significant amount of interest in the property since it was placed on the market” earlier this year, Bernard said.
TI chief financial officer Kevin March said in a recent interview that the sale is part of the company’s adjustment to changes in the last few years as it wound down two wireless divisions and restructured other operations.
“Wireless … was a pretty large division within TI and took up a lot of space,” he said. “We have more real estate in North Texas than we need. It’s as simple as that – resizing.”
Since 2012, TI has laid off about 1,700 people in its wireless restructuring and 1,000 or so people when it closed two older factories in Houston and Hiji, Japan. Last year, TI sold a factory in Nice, France, as part of its exit last year from the wireless mobile market.
TI today employs about 31,000 people worldwide, down from 35,000 in 2005 and about 60,000 in 1995.
TI’s Spring Creek campus includes four buildings and a fitness center, totaling 936,311 square feet, plus several parking lots along Chase Oaks Boulevard. It also includes 16 acres of undeveloped land.
In addition to the $35.5 million assessed value of the property, equipment, machinery, furniture and inventory on site carries an assessed value of roughly $9.6 million this year, according to the Collin County Central Appraisal District.
TI originally built the Spring Creek campus in 1984 for its information technology, defense and software businesses. Today, it mainly houses IT and projection technology businesses.
TI has not used all of the Spring Creek campus for many years. It began renting two buildings in Plano to defense contractor Raytheon Co. in 1998, a year after TI sold its defense business to that company for $2.95 billion. The last lease ended in 2013.
Even with the Plano campus for sale, TI still has plenty of growth space in its North campus, March said.   
Sheryl Jean/ Dallas Morning News