Nokia to Move North America Head Office, Dallas Operations to Cypress Waters After Tax Breaks

Telecom Firm Signs Up With 7-Eleven, Brinker in 1,000-Acre Lakeside Development in Dallas

Nokia Corp. prepares to relocate its North American headquarters from Irving, Texas, to the Billingsley Co.’s Cypress Waters master-planned community in Dallas, a move that will bring more than 2,300 staff members within the city limitations after months of settlements over tax rewards.

Along with its North American headquarters, the Finnish telecommunications firm plans to combine its Dallas-area operations into two structures currently under building and construction within The Sound at Cypress Waters. The brand-new regional hub will span 100,000 square feet at 3100 Olympus Blvd. and the entirety of a five-story, 250,000-square-foot structure at 3201 Olympus Blvd. slated to deliver at the end of this quarter and early 2019, respectively.

Upon completion, Nokia’s North Texas operations will be found along the water’s edge of a 362-acre lake, called North Lake, in the 1,000-acre Cypress Waters neighborhood.

The place’s natural surroundings, paired with almost $5 countless economic rewards from the City of Dallas, assisted tempt Nokia to the neighborhood, which has actually already landed 7-Eleven Inc. and Brinker International on its corporate lineup, said Lucy Billingsley, a partner at Dallas-based Billingsley Co.

“We are pleased they [Nokia] jumped on the bandwagon,” Billingsley, a long time Dallas designer and owner of the 1,000-acre master-planned neighborhood, told CoStar News. “These type of relocations are about millennials and what kind of job culture will attract them and enhance their efficiency. It appears that their worths are actually rather terrific worths and you hear a lot of discussions around function, green environments and life-work balance.”

Billingsley stated her group is helping develop that environment for corporate renters by focusing The Sound at Cypress Waters along the coasts of North Lake with a hike-and-bike path surrounding the 362-acre body of water, a dog park, a splash park for kids and fitness classes.

In Nokia’s case, the company will have much more exposure to Cypress Water’s natural features due to the fact that the workplaces will have terraces ignoring North Lake, Billingsley stated.

“We are constructing locations that construct comradery and assists individuals engage inside your home and outdoors in various methods. Every major and small corporation is planning to create a workplace that will improve and enrich their culture. We feel we have a great platform for corporations to do this,” added Billingsley.

The combination is slated for conclusion in the 3rd quarter of 2019.

Dave Elder, Nokia’s head of workplace resources for the Americas, stated the real estate move will consolidate Nokia’s Irving and Plano operations into a single location by bringing more than 2,300 employees into one master-planned neighborhood.

The almost $5 million in economic rewards from the City of Dallas played an essential role in Nokia’s decision to consolidate and move its North Texas operations in Cypress Waters.

“Economic rewards become part of the monetary landscape for any significant corporation,” Billingsley informed CoStar News. “Nokia would be irresponsible if they did not give them fantastic weight and analysis. I think the City of Dallas approached it in a thoughtful way by focusing on job production and bringing new residents to the city.”

Billingsley likewise stated District 6 City Councilman Omar Narvaez was instrumental in leading the city board to assist secure those economic rewards.

Cushman & & Wakefield’s Randy Cooper, Craig Wilson, Chad Tsitovich, Scott Goldman and Chris Wood represented Nokia in its property search. Marijke Lantz represented Billingsley Co. in the deal.

Lantz, a senior vice president of business pursuits for Billingsley, said the developer plans to begin on another 250,000-square-foot speculative structure this summer, as well as a 5th 250,000-square-foot structure along Olympus Boulevard in January 2019.

“With Brinker International, Delta Companies and Nokia moving in the second half of 2019, The Noise at Cypress Waters will be bustling with citizens, office renters, and locals enjoying all the dining establishments, events and features we have actually planned on the water,” she included.

Billingsley said she still sees large chances in the market and is making way for these opportunities with the speculative tasks.

“In the next 10 days, we’ll be beginning our next five-story, 250,000-square-foot structure across the street from Nokia’s new headquarters site and we are developing 2 more buildings on Olympus,” she stated. “It seems every six months, life keeps giving us new tasks.”

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