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JP Morgan Chase Considering Dallas Area For Huge Employment Center
One of North Texas’ largest financial service sector employers is scouting the local property market for a huge office deal.
The office project – which most likely would be new construction – could total as much as 1 million square feet, leasing agents who are tracking the transaction say. That’s about the same amount of space as is in a downtown Dallas skyscraper.
If it happens, thousands of Chase workers could be moved from all over the D-FW area to the new facility. The New York-based financial giant has large concentrations of employees housed in buildings on the Dallas North Tollway, in Lewisville, downtown Dallas and near Dallas/Fort Worth International Airport.
Some jobs from outside the D-FW area may also be shifted to the new office complex, brokers say.
Chase currently has more than 12,000 workers in North Texas, spokesman Greg Hassell said.
But he was unable to provide any information about a possible office campus consolidation.
Commercial real estate firms JLL and CBRE are representing the banking and finance firm, leasing agents say. JLL also advised Toyota Motors on its huge headquarters move to West Plano.
Chase also occupies about seven floors in the Chase Tower on Ross Avenue in downtown Dallas.
If Chase decides to build a large suburban office campus in North Texas it would be following the lead of State Farm Insurance and Liberty Mutual.
State Farm is building an almost 2 million-square-foot office campus in Richardson’s Cityline project on Bush Turnpike.
And Liberty Mutual is considering development of a more than 900,000-square-foot office campus in West Plano.
Other big office deals are in the market by firms including TD Ameritrade and Charles Schwab Corp.
“There are some large transactions in the works this year that will be eye-opening deals,” said Jeff Ellerman, vice chairman with CBRE. “There are more large transactions in the market now than I think I have ever seen in my career.”
Major financial services firms are picking North Texas because of its abundant labor force and low real estate costs, real estate brokers say.
“Dallas continues to appeal to a broad range of large national companies for a host of reasons,” said Johnny Johnson, executive managing director with commercial real estate firm DTZ. “There is a proven track record that those employees that choose to move to Texas ultimately really like it.
“The fundamentals that have appealed to major companies in the past still resonate and appeal to those choosing to further expand or relocate to Dallas,” he said.
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