Thursday, July 30, 2015

Verizon is in talks to build new office campus in Irving

Dallas’ busiest real estate developers is close to lining up another big deal.   
KDC – which is developing office campuses for Toyota, State Farm Insurance, Liberty Mutual Insurance and others – is negotiating to build a large office project in Irving for Verizon.
The office development would be constructed at Verizon’s existing campus on Hidden Ridge Drive in Las Colinas, real estate brokers who have been tracking the deal say.
Verizon is negotiating to make this move in Irving after scouting North Texas for a new office location.
The big office deal has been negotiating under the code name “pioneer,” real estate brokers say. And it could be as large as several hundred thousand square feet of construction.
Officials with KDC would not comment on any pending transaction.
And Verizon is mum on plans to expand in Irving.
“Verizon does not have any insights to share,” a spokeswoman for the telecommunications firm said when asked about the possibility of office expansion in Irving.
Verizon already has several thousand workers at 112-acre campus on Hidden Ridge west of State Highway 114 in Las Colinas.
Built in the early 1990s, the buildings contain more than 1 million square feet.
They were originally built for GTE Telephone, which was consolidated into Verizon.
Two large buildings now occupy the site with most parking underground.
The buildings straddle a lake and are connected by walkways.
Verizon just sold its 4-building office campus in Richardson to an Austin investor, Q Real Estate Holdings.
The telecom firm has to move several hundred employees now located in the complex near North Central Expressway by early next year.
The company also has workers in other locations around Dallas-Fort Worth that could be consolidated into a new Las Colinas building.
If KDC gets the Verizon project, it would be another win for the developer that already has done more large corporate projects here than any other commercial property firm.
KDC’s State Farm campus in Richardson has about 2 million square feet of offices in four buildings.
And the Toyota North American headquarters it’s just starting in West Plano will contain more than 2 million square feet in seven office buildings.
KDC is also about to start construction on Liberty Mutual Insurance’s new regional campus on the Dallas North Tollway in Plano. That development will have about 1 million square feet of offices in two towers.
The developer has also done large projects in the area for FedEx Office, Raytheon, Blue Cross Blue Shield of Texas and Citigroup.
 Steve Brown/ Dallas Morning News