Amid a major Dallas-Fort Worth data center boom, the town of Addison is helping a homegrown company that relies on AI for its services tap that potential by moving into a new space four times the size of its previous headquarters.
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Addison officials announced Thursday that AI-powered photo and video enhancement company Topaz Labs will receive a $200K Amenities and Collaboration Grant to expand its headquarters.
The company will lease a more than 28K SF office in the Village on the Parkway development on Belt Line Road. Topaz Labs will be the sole office tenant in the mixed-use development’s Building 900.
“We're so excited for the future of Topaz Labs in Addison,” Topaz Labs CEO Eric Yang said in a statement. “We sought a vibrant, safe, and energetic community with like-minded professionals doing their best work. We've found all of that in Addison.”
The company will invest at least $2.5M in its new office building to create collaborative workspaces and innovation labs. Topaz Labs also said it will add 130 high-tech jobs by the end of 2027.
The company plans to move into its new office space in May.
Addison has positioned itself as a hub for innovation and technology, and the town’s Director of Economic Development, Wayne Emerson, said Topaz Labs’ work with AI technologies made the company a perfect partner.
“Topaz Labs is exactly the kind of company we love to see grow here in Addison," Emerson said.
NAI Robert Lynn represented Topaz Labs in securing the lease for the company’s new headquarters.
“This transformative lease aligns seamlessly with Topaz Labs’ rapid growth in the AI industry, as well as our partnership with the Town of Addison,” NAI Office Division President Nick Lee said in a statement.
The Topaz Labs deal comes a day after news that Dallas-based Provident Data Centers and Virginia-based American Real Estate Partners' PowerHouse Data Centers formed a joint venture to build a hyperscale-focused campus on 768 acres in Grand Prairie. The multiphase project will be one of the largest data center campuses in the U.S. It will initially leverage about 500 megawatts of committed power, though Provident officials said it is slated to potentially scale up to 1.8 gigawatts at full build-out.
Another trio of Dallas-based companies announced a partnership Wednesday to develop a $1B data center campus in Red Oak, The Dallas Morning News reported. Investment firm Tradition Holdings, real estate firm Lincoln Property Co. and fiber internet provider Gigabit Fiber plan to build an 800K SF data center and tech space that will provide up to 540 MW of power on the 131-acre campus.
Last month, Irving City Council approved incentive agreements with Microsoft Corp. and QTS Realty Trust LLC to construct seven data centers that will span more than 1M SF.
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