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Moving Money

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Moving Money
Finally, what Dallas CRE types were expecting—the corporate relocations  have started: Money transfer company MoneyGram International plans to move into Uptown Dallas and payment processing firm Century Payments is expanding its HQ in Frisco.
 
2828 N. Harwood
MoneyGram  inked a 46k SF deal to move its global corporate HQ from St. Louis Park, Minn. to two floors in 2828 N. Harwood in the Harwood district. Its execs say the move is part of a previously announced global initiative to reduce costs and streamline global operations. The relocation will be effective Nov. 1 and initially involve 75 positions, growing to about 150 by mid-2012. MoneyGram's business is well-rooted in Texas, which is a Top 10 US money-transfer market for the company, and ranks second in MoneyGram locations nationwide. Harwood International VP Jihane Boury and EVP David Roehm negotiated for the owner, and JLL SVP Jeff Staubach and VP Brooke Armstrong repped MoneyGram.
 
2601 Network Blvd
One wasn't good enough for Century Payments—the firm signed two new leases combining for 30k SF at Hall Office Park in Frisco to expand its HQ, inbound/outbound sales offices, and customer care center. Located at 2601 Network Blvd. (above, that hot air balloon mugging for the camera and isn't a regular feature) and 2611 Internet Blvd., the agreements include prominent signage with Dallas North Tollway visibility on the east side of 2601 and Century's HQ. Century ranked No. 11 on the 2010 Inc. 500 listing, and No. 2 in both the financial services and Dallas growth company categories. The company has added 200 employees in the last two years, and is currently processing more than $6B annually for more than 21k merchants. Century SVP Frank Fantauzzo says Hall Office Park was ideal because many employees already live in Frisco.
 
Buddy Tompkins
This morning, we asked CASE Commercial Real Estate senior director Buddy Tompkins for his take on the deal. “We thought this would happen. We have what we've always had: the Central time zone, DFW Airport, and we're a right to work state with no personal income tax." Additionally, the companies that support their business may seek to be close by. Valeo Fund managing director Jim Yoder tells us today that the expansions and relocations are indicative of what happened in past economic downturns  in DFW. He adds that Texas created more jobs in both 2008 and 2009 than all other 49 states combined, and that 38% of all corporate relocations have come to Texas.