The Dallas City Council gave the okay for a plan to give commercial real estate firm CBRE Group millions of dollars in economic incentives to grow its workforce in Dallas, build a new office tower and support educational initiatives.
CBRE relocated its headquarters from Los Angeles to Dallas last year. The company currently has about 700 workers in the city.
City council members voted Wednesday to provide CBRE a $250,000 economic development grant and nominate the company for $3.45 million in state economic incentives.
The proposal passed as part of the council’s consent agenda with no discussion.
To get the economic incentives, CBRE will have to create a minimum of 250 new jobs at the Dallas headquarters by the end of 2028.
The real estate firm would also partner with universities in southern Dallas to create commercial property work programs and set up an innovation center.
And the financial incentives would support CBRE’s construction of a $200 million headquarters tower in Dallas’ Uptown neighborhood.
To receive the financial incentives, the real estate firm “shall construct or cause to be constructed a minimum 600,000-square-foot office tower in the Uptown neighborhood of Dallas by Dec. 31, 2024,” the city documents say. “CBRE will be the anchor office tenant of the to-be-constructed building and will lease a minimum of 200,000 square feet in the building on or before Dec. 31, 2025, to serve as the global headquarters of CBRE.”
CBRE is currently based in a high-rise at 2100 McKinney Avenue just north of downtown Dallas.
Company representatives confirm that the real estate firm is considering relocating its head offices to the planned 27-story tower at McKinney Avenue and Pearl Street. The high-rise would be constructed by CBRE’s developer Trammell Crow Co.
Some of the economic incentives would support CBRE’s plan to build a 27-story office tower at McKinney Avenue and Pearl Street just north of downtown.(Pickard Chilton )