KDC has selected Cushman & Wakefield to handle property and facility management at Pioneer Natural Resources’ headquarters, a 1.2 million-square-foot build-to-suit project near Dallas. The firm will also provide Pioneer with moving services when the tenant relocates to its new location, slated for October.
Cushman & Wakefield presently manages approximately 10.3 million square feet of office space in the metro, according to Yardi Matrix. The new assignment is the firm’s largest single-building contract in the wider Dallas area. The firm’s Ron Tate, Christy Means, Ken Wakefield and Carly Davis closed the management deal.
KDC, which recently delivered a 300,000-square-foot office tower in Dallas’ Deep Ellum neighborhood, began construction of Pioneer’s future headquarters in June 2017. According to Yardi Matrix, JPMorgan Chase provided the firm with a $347.8 million loan to finance the 10-story project, the largest underway in the metro. General contractor Austin Commercial topped out the Duda|Paine-designed development in September last year.
The building’s amenity mix will include a daycare center, fitness center and food hall. A seven-story parking structure was recently completed alongside the property, designed to accommodate Pioneer’s 1,100 employees.
Future mixed-use plans
Located on a 34.8-acre parcel at 777 Hidden Ridge in Irving, Texas, the project site is part of the $1 billion, 110-acre Hidden Ridge mixed-use development around Verizon’s regional campus. The telecom service provider’s plans for the district call for 3 million square feet of office space, a hotel, 1,200 multifamily units and 80,000 square feet of retail space at full build-out. Additionally, DART intends to open a new Orange Line light rail station in 2020 to serve the area.
Dallas’ office market continues to flourish: As business continue to shift to the area, attracted by lower tax burdens, employment growth is keeping pace, with more than 33,000 jobs added to the office sector year-over-year through March. Further, the Census Bureau reports the area’s population has grown by more than 1 million people in the last eight years.