A company that manufactures semiconductors for the automotive and industrial industry is opening a second DFW office in Allen, Bisnow exclusively learned.
Onsemi signed a full-building lease with Capital Commercial Investments for Millennium Center at 505 Millennium Drive, according to a permit filed with the state. It plans to begin a $28M tenant-improvement project in August that should take about eight months to complete.
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The company is expanding its North Texas presence after outgrowing its existing office on Lakeside Boulevard in Richardson, CCI Executive Vice President Robb Buchanan told Bisnow. The Allen space will house the company's design center, a spokesperson confirmed.
Austin-based CCI bought the two-story, 97K SF office building in 2011. The company has earned a reputation for acquiring some of Texas’ biggest office campuses, the majority of which are either fully or partially vacant. Its prior purchases include the former headquarters of JCPenney, ExxonMobile, McAfee and American Airlines.
Earlier this year, CCI scooped up 4200 Regent Blvd. in Irving for the bargain price of $56 per SF.
Onsemi is among a growing number of semiconductor manufacturers setting up shop in North Texas following multibillion-dollar investments by industry giants Texas Instruments and Globitech. The 30-mile stretch of U.S. 75 between McKinney and Sherman, aptly named Silicon Prairie, has been a hotspot for land speculation and development in recent months as companies look to get in on the action.
President Joe Biden designated Texoma, or the region that encompasses North Central Texas and Southern Oklahoma, as one of 31 U.S. semiconductor tech hubs toward the end of last year.
Then, in the spring, Gov. Greg Abbott appointed the inaugural members of the Texas Semiconductor Innovation Consortium Executive Committee, which aims to solidify the state’s reputation as a leader in semiconductor research, design and manufacturing.
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