DALLAS—Heritage Auctions moved its global headquarters into a new 160,000-square-foot facility and multi-purpose campus earlier this month. In the works for more than a year, this consolidation is the most significant expansion in the firm's history and comes at just the right moment, Heritage says.
The location at 2801 W. Airport Fwy. is adjacent to Dallas Fort Worth International Airport, in its foreign trade zone and less than 30 minutes from both downtown Dallas and Fort Worth. The new headquarters is twice the size of Heritage's long-time home at 3500 Maple Ave. and consolidates its three separate Dallas locations under a single roof. The single-story complex spans the length of nearly three football fields.
Heritage is already renowned as one of the world's largest collectibles auction house featuring coins, comic books, sports and entertainment memorabilia among 40 categories. In recent years, however, the company has made significant expansions into the realms of fine art, fine and rare jewelry, and timepieces, luxury handbags, rare wines, and historic nature and science artifacts.
The move to the new facility will increase operational efficiencies and allow Heritage to better serve its more than 1 million clients, both buyers and consigners from across the globe. The new headquarters features an 8,000-square-foot gallery showroom for invitational art exhibitions and events such as collectibles shows.
"We are excited to now be in the middle of Dallas-Fort Worth near one of the world's largest airports," said CEO and co-founder Steve Ivy. "This location and facility will better serve all of our clients, including bidders and consignors who visit our showrooms or consign with us."
Transwestern principal Nora Hogan facilitated the move, with additional support from principal Robert Deptula and vice president Jordan Wade. Mark Hayes with HPI Real Estate Services and Investments represented the landlord, Bandera Ventures.
"After reviewing all available options, Heritage Auctions decided to start with a clean slate under one location that still allows for superior worldwide customer service to clients," said Hogan. "Located at the intersection of two major highways, this space allows Heritage to easily serve out-of-town clients as well as DFW residents who need appraisals. This location also allows them to serve the Metroplex while keeping a Dallas address, which is where the company started and is considered an integral part of the Heritage legacy."
Nearly 450 of Heritage's more than 600 employees will occupy its new headquarters. Established in Dallas in 1976, Heritage also maintains offices in New York, Beverly Hills, San Francisco, Chicago, Palm Beach, London, Paris, Geneva, Amsterdam and Hong Kong.
"Gateway Logistics Center presented an out-of-the-box solution that became reality. Finding a one-story building that reflected Heritage's brand and that met their requirements was difficult," Hogan tells GlobeSt.com. "When we toured Bandera Venture's beautifully designed building, we knew we had found their next home."
Nearly 6.2 million square feet of Dallas/Fort Worth industrial space was absorbed during the first 90 days of 2020, according to a first quarter report by CBRE. The market-wide vacancy rate decreased by nine basis points from the previous quarter to 5.7%. Product under construction totaled 23.9 million square feet and was 19.3% pre-committed. Quarter deliveries totaled 5.5 million square feet and were 39.4% pre-committed, according to CBRE.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
