Monday, June 19, 2017

It's done: Pioneer Natural Resources inks deal for its Hidden Ridge campus

The Dallas-based developer behind Toyota North America's 100-acre campus in Plano's Legacy West has signed its latest deal with Irving-based Pioneer Natural Resources' (NYSE: PXD) on its new corporate campus.

The $32 billion oil and gas company will kick off the first phase of Verizon's new Hidden Ridge development.
"Pioneer's building will stand atop the highest point of the former Carpenter Ranch in Las Colinas, so it's only fitting that a great building site such as this go to a great company like Pioneer," said KDC CEO Steve Van Amburgh, in a statement.

"We've worked very closely with Pioneer to design a building that amplifies the beautiful and natural surroundings of the land yet is appropriately scale for Pioneer's employee-focused culture and modest character," he added.

The new Pioneer Natural Resources campus was expected to get underway this summer, but the deal had yet to be announced by the developer or company — despite it being common knowledge in the real estate and business community.

The 10-story office building, which will sit at 777 Hidden Ridge near Hidden Ridge and John Carpenter Freeway, will include a glass curtainwall, stone facade with an adjacent seven-story parking garage.

Pioneer will also have a fitness center and cafeteria for its employees. This new campus will sit in a proposed Hidden Ridge mixed-use development that will significantly expand the amenities for Pioneer's employees.

The development group, which includes telecom provider Verizon, behind Hidden Ridge are expected to unveil plans later this year for the $1.5 billion project.
Last year, Verizon sold much of its Las Colinas campus to a Chicago-based investment firm, but kept a stake in the Hidden Ridge project.

Verizon South Central Market President Krista Bourne said the telecom firm was pleased to have its first corporate neighbor on board, which will put the project one step closer to completion.

With Pioneer calling Irving its home for two decades, President and CEO Tim Dove said he was pleased the company could call the city its home for another generation.

Pioneer Natural Resources conducted an extensive real estate search throughout North Texas before landing on Irving.