Pioneer’s New HQ Follows Schedule for October Move-In
The $1 billion 150-acre development accounts for nearly half of the total office space in Hidden Ridge, which includes roughly 3 million square feet of office as well as multifamily and retail space.
IRVING, TX—Pioneer Natural Resources’ 1.2-million-square-foot headquarters is under construction in the Hidden Ridge development of Las Colinas at 777 Hidden Ridge. The development is a 10-story glass-and-stone tower with a seven-story parking garage. The property includes a daycare, wellness center, food hall and a pond.
Construction on the building should be finished this summer and Pioneer is expected to begin moving into the office in October. The new headquarters accounts for nearly half of the total office space in Hidden Ridge, which includes roughly 3 million square feet of office as well as multifamily and retail space. The $1 billion 150-acre development is the result of a partnership between Verizon and KDC, a real estate development and investment firm.
Pioneer has selected Cushman & Wakefield to provide property management and facility services for the property. The Pioneer project represents the largest-ever single-building property management and facility management assignment for Cushman & Wakefield Dallas.
The Cushman & Wakefield team who secured the contract includes Ron Tate, Christy Means, Ken Wakefield and Carly Davis. Davis will serve as the property manager for the building.
Cushman & Wakefield Asset Services will provide property management of the headquarters, while the company’s facility management group, C&W Services, will handle facility services such as janitorial work as well as some building engineering services. Cushman & Wakefield is also providing move management services to assist Pioneer in its relocation from its previous headquarters location in Las Colinas’ Williams Square to Hidden Ridge.
“We are excited about the amenity base for Pioneer,” Means tells GlobeSt.com. “They have a state-of-the-art fitness center, day care center with splash pad, physician-staffed wellness center, food hall and outdoor activities/events planned around the fish-stocked pond. Ponds are very rare, especially ones that will be stocked for fishing purposes. It is a one of kind property.”
The Pioneer contract is the latest in a productive year for Cushman & Wakefield’s Asset Services team. In 2019 alone, it has added more than 4.9 million square feet to its property management portfolio, including nine office buildings and seven industrial properties.
“Pioneer’s new headquarters is a significant addition to Las Colinas, and our team is honored to have been selected as the company’s partner for property management, facility management, engineering services and move management,” said Means.
The Dallas-Fort Worth economy continues to thrive with strong population and employment growth. The region’s population increased by 128,500 people year-over-year, equating to an average of 350 new residents per day. As of June 2019, the population reached a new high of 7.6 million residents while the job market grew by 97,000 positions in the past year, according to a second quarter office report by Cushman & Wakefield.
According to Moody’s Analytics, office-using jobs accounted for 28,800 jobs (30%) out of the new positions added. Office-using roles are described as positions that fall within the business and professional services, information/technology and financial activities. The leading indicator of office demand is driven by business and professional services roles, which accounted for a majority of office-using jobs employment at 59% (638,800 jobs). The region’s office employment totaled 1.08 million jobs as of mid-year 2019. With solid increases in employment during the past year, the unemployment rate declined by 10 basis points to 3.4% and continued to remain below the national unemployment rate, the report indicates.