PLANO, TX-KDC has broken ground on its newest corporate build-to-suit project – the 320,000-square-foot regional headquarters facility for Encana Corp.
The Dallas-based developer signed a long-term lease with the Canadian natural gas producer earlier this year for the class A office building, according to Tobin Grove, president of KDC. The 12-story facility is located on one of the last pieces of land in Legacy Town Center, a 150-acre master-planned, mixed-use project.
Encana’s new facility, which will house its Mid-Continent Business Unit, has a price tag of roughly $70 million, according to local experts. The overall project includes a conference and training floor, along with seven-level parking structure with pedestrian bridge.
Encana’s US headquarters is situated in Denver, and it occupies nearly 130,000 square feet in Stanford Corporate Centre in Farmers Branch, TX. The public company, which trades on both the Toronto and New York stock exchanges, will relocate from its existing offices in Farmers Branch to its new home in July 2012, Grove says.
The new facility will allow Encana to continue to grow and expand, Grove says. The company, which counts XTO Energy, Chesapeake Energy and EOG as competitors, publically has outlined a goal to double in size over the next five years on a per share basis. Much of that growth will come from its Haynesville play, which stretches across East Texas into western Louisiana, according to recent Encana investor presentations.
“Encana was looking for a long-term home,” Grove notes. “The company chose a site in Legacy Town Center because it really wanted a live-work-play environment. Encana wanted to create a great environment for their employees. It’s hard to hire and retain the best talent, and they’re competing for people.
The new facility will initially house 500 to 600 employees, according to Grove. And, the site has been planned to accommodate two more identical buildings, which would create a total of about 960,000 square feet of class A office space.
Encana was represented in lease negotiations by Greg Biggs of Cushman & Wakefield of Texas Inc.’s Dallas office.
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