The CRE investment and services firm puts brakes on building a new HQ tower—for now.
Real estate service company CBRE announced it is moving its corporate headquarters, The Dallas Morning News reports. The world’s largest real estate firm will relocate from the 2100 McKinney tower to the Park District building in Uptown Dallas. The 67,000 square foot property overlooks Klyde Warren Park and was previously home to CRBE’s co-working operation, Hana.
“It’s a spectacular space,” CBRE CEO Bob Sulentic told The Dallas Morning News. “Our corporate functions will be over there. We’ll have some of our senior global executives over there in different parts of the business. We think we will be in by late summer or early fall.”
The Park District has an office tower, residential high-rise and retail space. CBRE’s Trammell Crow Co. developed the building and MetLife owns it.
“That’s a building that we built and developed,” Sulentic said. “It’s in the part of Dallas we want to be in. We did the investment in (co-working firm) Industrious, and this is not one of the buildings that we picked to focus on for a coworking location. We have great space over there — let’s just move the headquarters over there.”
CBRE initially planned to consolidate its headquarters and local operations in a 27-story office and retail tower, which would have been built at the intersection of McKinney and Maple avenues, according to The Dallas Morning News. The building start was paused however, following the COVID-19 pandemic when office lease numbers started to drop.
“We still believe it’s one of the best office sites in America,” Sulentic said. “And that site is going to get built. It’s a 700,000-square-foot office building and it doesn’t make sense right now. But we still need to have a global headquarters.”
These new headquarters provide CBRE with a high-profile location at the intersection of downtown and Uptown. However, most of the firm’s 100,000 employees will stay at its offices around the globe, according to Sulentic.
“We’re not a big headquarters company,” he said. “We have 500 offices out there. But Dallas is our home officially now. It’s proving to be a good place for us.”
Sulentic, and the firm, did say CBRE’s headquarters could still be in the McKinney Avenue tower when it’s eventually built.
“The Truluck’s site is one of the best office development sites in the U.S. and Trammell Crow Company will develop that site when office market conditions are right,” CBRE said in the statement. “It is likely that our global headquarters and much of our Dallas area operations will be housed at 2401 McKinney in the future, as it will take several years to develop the building once a decision is made to break ground.”
