PLANO, TEXAS — AT&T (NYSE: T) has broken ground on its $1.3 billion headquarters campus in Plano, about 20 miles north of Dallas. The 54-acre campus is ultimately planned to feature 2.2 million square feet of space across seven buildings, as well as three parking garages and a welcome center. The telecommunications giant is consolidating roughly 100,000 employees at the new campus. According to the Dallas Business Journal, AT&T employees will relocate to the Plano office from AT&T’s current headquarters at the Whitacre Tower in downtown Dallas, as well as satellite offices in Irving and Plano. The site formerly housed the headquarters campus for Ross Perot’s Electronic Data Systems (EDS), according to Dallas Business Journal. The former EDS buildings were demolished in August to make way for AT&T. AT&T is developing the horizontally designed campus in partnership with groups such as Dallas-based developer KDC and global architecture firm Gensler. Employee parking was a critical design element for Gensler, which says that all parking will be covered and situated less than three minutes from a building’s front door. Additionally, the campus core will be positioned within a quarter mile from all parking options. The newly constructed buildings will be outfitted with …
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NASHVILLE, TENN. — Oracle Corp. (NYSE: ORCL) has broken ground on its future global headquarters in Nashville’s East Bank, advancing its investment in the city as a hub for cloud, artificial intelligence (AI) and healthcare technology. Project costs are estimated at $4.5 billion, according to local media reports. Oracle plans to create thousands of jobs as campus development progresses. Spanning roughly 78 acres, the planned campus will include retail spaces as well as a 120-room Nobu hotel and restaurant. The first buildings are expected to open in 2030. Oracle’s investment includes $175 million for public infrastructure such as a new pedestrian bridge across the Cumberland River, a public park, greenway connections and street improvements. The bridge will connect surrounding neighborhoods with the campus and park. Designed by Foster + Partners, the development will transform a former industrial site into a greener riverfront environment, with more than 1,900 trees and habitats designed with ecologists to support biodiversity. Oracle is targeting LEED Gold certification across the campus. In April 2024, the technology company announced that it would relocate its global headquarters from Austin to Nashville. Oracle had previously relocated to Austin from its longtime hub in Redwood City, Calif., in 2021. “Oracle’s …
LAS VEGAS — For the third consecutive year, Dallas-Fort Worth (DFW) has secured the top spot as the U.S. market with the best overall real estate prospects. That’s according to the Emerging Trends in Real Estate 2027 report, which is jointly produced every year by the Urban Land Institute (ULI) and accounting firm PwC. After finishing third and fifth in the 2025 and 2026 rankings, respectively, Houston has more or less maintained the status quo, claiming the No. 6 ranking in the 2027 report. Austin, meanwhile, continued to slip in the rankings, ostensibly due to the market’s ongoing struggles to catch up to recent building booms in the industrial and multifamily sectors. The state capital’s real estate prospects ranked 21st on this year’s list, marking the third consecutive year in which the market has failed to crack the Top 10. In explaining the top ranking, ULI and PwC immediately pointed to the Texas Stock Exchange (TXSE), which launched in downtown Dallas earlier this year and has been credited with fueling the growth of a major new vertical within the local economy: financial services. The report identified two nameless financial institutions — known within the real estate community to be Goldman …
WOONSOCKET, R.I. — Woonsocket-based CVS Health (NYSE: CVS) has unveiled plans to separate into two independent, publicly traded companies. A healthcare solutions company will comprise Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health. In the interim, this company will be referred to as “CVS Health.” Founded in 2012, Oak Street Health offers clinics for older adults across 27 states. The national retail pharmacy and community healthcare company will comprise approximately 9,000 CVS pharmacies, mail pharmacy, MinuteClinic and the Health100 technology services business. This company will be named “CVS Pharmacy.” Upon separation, David Joyner, currently chairman and CEO of CVS Health, will be the chairman and CEO of the healthcare solutions company. Prem Shah, currently group president of CVS Health, will be the CEO of CVS Pharmacy. Additional leadership positions and board members will be announced at a later date. “Our history is defined by proactively evolving to stay ahead of what’s next in healthcare, and in today’s environment, that means delivering more affordability, greater access and a simpler experience,” says Joyner. “Over the last two years, we have made meaningful progress: We built a world-class leadership team, strengthened our financials, revitalized operations across the enterprise and drove …
RALEIGH, N.C. — A partnership between national health club chain Life Time (NYSE: LTH) and locally based development firm Dewitt Carolinas has broken ground on Life Time Living at The Exchange Raleigh, a luxury multifamily tower anchored by an 80,000-square-foot Life Time athletic club and a 40,000-square-foot rooftop beach club. The companies plan to invest more than $200 million into the 20-story tower, according to Triangle Business Journal. The residential project represents Phase II of The Exchange Raleigh, a $1 billion, 40-acre master-planned mixed-use development in the state capital’s Midtown neighborhood. The development team, along with construction manager Consigli Construction, is aiming for both NGBS Green and Fitwel certifications for the project, which is set to deliver in fourth-quarter 2028. “By bringing Life Time’s incredible athletic country club and luxury living model to our community, we are delivering on our promise to make Midtown Raleigh a destination unlike any other,” says Todd Saieed, CEO of Dewitt Carolinas. Life Time Living at The Exchange Raleigh will offer 289 luxury apartments ranging in size from 610 to 2,040 square feet. Units will come equipped with blackout curtains , walk-in closets, work-from-home space and stainless steel kitchen appliances. The Life Time athletic club …
SIOUX FALLS, S.D. — Baldwin Supply, an independently owned Midwest distributor of industrial components and supplies, is tripling the size of its Sioux Falls branch to more than 50,000 square feet. Since opening in 2001, Baldwin’s Sioux Falls branch at 908 E. Amidon St. has grown into a regional hub serving customers throughout South Dakota, neighboring western states, southwest Minnesota and northwest Iowa. The branch serves OEM and MRO customers across the aggregate, agriculture, construction, food-and-beverage, manufacturing, meat and poultry, and mining industries. The expansion project will provide additional warehouse and office space, enabling Baldwin to stock deeper local inventory. Additional features include a dedicated customer training center and a new indoor truck pull-through with an overhead crane system. Reynolds Construction Management is leading construction, which is slated for completion in early 2027.
By Justin Elder, President, Elder-Jones, Inc., and President, Retail Contractors Association Whether a retailer is opening a new location, refreshing an operating store, converting an acquired property or rolling out a new prototype, construction comes with variables. Permits move at different speeds. Existing conditions do not always match record drawings. Electrical gear, HVAC equipment, storefront systems and owner-furnished fixtures may carry long lead times. Late design or merchandising changes can ripple through procurement, sequencing and store-opening plans. Those conditions may be unavoidable. Cost and schedule surprises often are not. The difference is disciplined preconstruction, clear decision rights, reliable project controls and a contractor who understands that the job site is also a retail environment. During a roundtable discussion at a recent RCA Annual Conference, experienced retail contractors shared lessons from decades of work. Their central message was straightforward: strong relationships matter, but the best partnerships turn trust into a repeatable operating process. Start with a technically complete preconstruction process The most effective time to solve a construction problem is before crews mobilize. Retailers should bring the contractor into the process early enough to test the drawings against field conditions, procurement realities, operating requirements and the proposed schedule. For remodels and …
DENVER AND NEW YORK CITY — Global asset manager Apollo (NYSE: APO) and UDR Inc. (NYSE: UDR), a multifamily REIT based in Denver, are forming a new long-term joint venture involving an apartment portfolio valued at approximately $2 billion. The joint venture will own a portfolio of 19 communities totaling 7,059 apartments. The names and addresses of the properties were not released. Under terms of the agreement, Apollo’s affiliates and funds managed by Apollo will invest $1.34 billion of equity capital into the newly established joint venture, representing an approximate two-thirds interest. UDR will retain a one-third interest and consolidate the joint venture, as well as operate and manage the portfolio, for which it will earn an asset management fee. UDR plans to utilize the proceeds from the new equity capital infusion for investment in “higher-growth assets,” general corporate purposes and debt reduction. Tom Toomey, chairman, president and CEO of UDR, says that accessing low-cost, permanent equity capital has been a “strategic priority” for the company. “With this transaction, we believe we will be positioned to take advantage of compelling opportunities in the marketplace while improving the quality of our wholly owned portfolio and strengthening our balance sheet,” says Toomey. “This …
UPPER MERION, PA. — Global pharmaceutical company GSK plc (NYSE: GSK) will invest $800 million in its life sciences and manufacturing facilities in metro Philadelphia, an initiative that is expected to create about 300 new jobs within the local economy. The announcement is a follow-up to the company’s pledge in late September to invest $30 billion in research-and-development (R&D) and manufacturing initiatives over the next five years, with $1.2 billion earmarked for expanding its existing technologies and advanced manufacturing sites, including its metro Philadelphia facilities. The existing facilities are located in Upper Merion Township, about 20 miles northwest of Philadelphia. The expansion will involve some demolition of existing facilities to establish a biopharmaceutical innovation and manufacturing hub, integrating commercial production, R&D and advanced digital capabilities in a single site. Construction is scheduled to begin next year. The new jobs are expected to be created over a five-year period, bringing GSK’s total employment in the region to about 4,500 positions. GSK announced a similar $800 million investment in its pharmaceutical and biotechnology facilities in Lancaster, about 70 miles west of Philadelphia, about two years ago. The company will be eligible for tax benefits through Pennsylvania’s Qualified Manufacturing Innovation and Reinvestment Deduction …
By Taylor Williams Tax cuts for the rich. The K-shaped economy. The dawn of the second Gilded Age. Regardless of your preferred cliché, if you buy into one or more of those views on the current state of the U.S. economy, then you likely have broader concerns about the natural byproducts of unchecked capitalism. But no matter the degree of government oversight and regulation, capitalism at its core is driven by competition, and sometimes that competition can be taken too far. But those in the business of economic development in North Texas see no real need to take competitive capitalism to extremes, at least at this point in the cycle. The region’s natural magnetism for attracting new commerce, as well as its established patterns of job and population growth, are somewhat self-sustaining at this point, and there’s plenty of business to go around. “There’s always competition, but we also all talk to each other and share ideas about what’s working from a regional standpoint, and because of what we have in DFW in terms of sheer population and diversity of workforce, there are plenty of opportunities,” says Michael Talley, the City of Plano’s director of economic development. “Competition is …