Dallas Cowboys owner Jerry Jones is scoring big at The Star, his mixed-use development in Frisco that doubles as the team’s headquarters.
Teachers Insurance and Annuity Association – one of the country’s largest pension funds and financial advisers – is moving 2,000 jobs to the Frisco mixed-use development on the Dallas North Tollway.
TIAA has been scouting the market for more than a year to lease a huge block of office space. It already has workers in the Dallas-Fort Worth area.
The giant financial firm will spend almost $58 million to set up the new Frisco office. Along with the Cowboys, the $1.5 billion Star development is home to the Texas headquarters of beverage firm Keurig Dr Pepper.
TIAA will occupy all of a 15-story, more than half million square foot high-rise to be constructed at The Star. TIAA and its Nuveen Real Estate unit will be an investor in the new building.
TIAA is also getting a grant of $18 million to help pay for the Frisco office from the Texas Enterprise Fund.
“The new site represents our service commitment to clients and supports our company’s future growth,” TIAA president and CEO Thasunda Brown Duckett said in a statement. “The addition of associates in the Frisco office will increase our capacity to serve new and existing clients as they plan for and live in retirement, and the terrific amenities and great location will be a real benefit for our people.”
TIAA is a more than century-old retirement fund and financial firm with $1.4 trillion in assets under management. The company pays billions of dollars in benefits a year to its clients, who are mostly retired educators.
TIAA representatives said the office will “be for people already working for TIAA in the Dallas area as well as new hires.” The firm has an office on Lake Vista Drive in Lewisville.
The new office is scheduled to open in 2024 and will be fully staffed by 2029. “The office will host a range of client relations, service and technology roles,” according to TIAA.
Dallas Cowboys chief operating officer Stephen Jones said in a statement that it welcomes TIAA to Frisco’s growing employment hub.
“We are excited to have them on our campus, as The Star offers amenities second to none that create perfect opportunities for companies to recruit talent and grow,” he said.
The TIAA move is one of the biggest office deals in the Dallas area since the start of the pandemic.
Jones’ Blue Star Land and developer Lincoln Property are currently building an 11-story office tower at The Star on the west side of the tollway.
When construction kicked off on The Star office tower last summer, it was one of the first such projects started since COVID sent office workers home and halted many such projects. Plano-based medical financial services firm Cain Watters & Associates was the initial tenant in the building now under construction.
Earlier this month, Frisco approved preliminary plans for the next, larger office at The Star, which would be located just to the north of the building already under construction. That’s the building TIAA will occupy.
The 91-acre Star development at the tollway and Warren Parkway includes the Cowboys’ headquarters and practice field, the Ford Center indoor stadium, an Omni Hotel, a shopping center, a 17-story office tower that houses Keurig Dr Pepper, a Baylor Scott & White medical center plus a luxury apartment tower.
Office leasing activity in North Texas has sharply rebounded in the last few months as employers have called workers back from home.
During the first quarter of 2022, net office leasing in the D-FW area topped 900,000 square feet — the best since before the pandemic.