International electronics giant Samsung is bringing 1,000 jobs to Plano in a consolidation of its North Texas operations.
Samsung will relocate workers now in Richardson’s Telecom Corridor and other locations to the Legacy Central project on U.S. Highway 75 and Legacy Drive.
The former Texas Instruments campus where Samsung is moving is getting a $100 million makeover by Los Angeles-based developer and investor Regent Properties.
"We’ve signed a 200,000-square-foot lease with Samsung," said Regent Properties CEO Eric Fleiss. "They are taking an entire building on the north side of the campus.
"It’s a great prove up for our entire project," he said. "They are a phenomenal anchor tenant for us."
In 2016, Regent Properties bought the 84-acre TI campus that was built starting in the 1980s with four buildings.
The developer has transformed the old tech center into a mixed-use project called Legacy Central with new office space, retail, conference facilities, additional parking and apartments.
Earlier this year, tech consulting firm Roland Technology Group rented 22,761 square feet at Legacy Central.
The huge Samsung deal is one of the biggest office leases signed in North Texas so far in 2018.
"They have the ability to have their own building in the project and room to grow," Fleiss said. "They love the feeling of the building, the amenities and our food hall.
Murals by Spanish artist Adrian Torres decorate the fitness center, right, on the campus of Legacy Central din Plano.
"Another of the things that sold Samsung was we completed an almost 15,000-square-foot conference center open to all of our tenants."
Samsung is one of the largest employers in Richardson’s Telecom Corridor and first leased its current building on Lookout Drive in the 1990s.
Since then, the Korean company has consolidated the headquarters for its sales operation, Samsung Telecommunications America, in the Richardson location. The company also has a large distribution outlet in Coppell.
"Texas has been an important market for our business for many years and we are continuing our commitment to the region by investing in a new office space at Legacy Central," Tim Baxter, President and CEO of Samsung Electronics North America, said in a statement. "This move not only provides us with an opportunity to create an improved workplace experience for our North Texas employees, but it truly showcases our investment in our Texas roots."
Samsung plans to relocate workers to Legacy Central early next year.
Matt Astrachan, Simon Landmann, Steve Thelen and Kimarie Ankenbrand with commercial real estate firm JLL negotiated the office lease with Nathan Durham and Duane Henley of Transwestern.
Samsung will join other major firms that have shifted thousands of office jobs to Plano.
"It is a pivotal moment to have a company the magnitude of Samsung be the catalyst that helps create a vibrant mixed use development at Legacy Central," Plano Mayor Harry LaRosiliere in a statement.
With the Samsung lease, Regent Properties is pushing ahead with the redevelopment of a third large office building in its Plano project to accommodate more office tenants.
"We have several large leases in the works," Fleiss said. "We have already completed the demolition on the next building and have started improvement work on it."
Construction is also underway on a parking garage and the food hall in the project on the west side of U.S. 75. And developer Trammell Crow Residential recently started work on the first apartments in Legacy Central.
Fleiss said his firm is in talks with hotel companies that want to build in the project.
"We are wonderfully deluged with interest right now," he said.
While most of the new major employers – including Toyota, Liberty Mutual Insurance and JPMorgan Chase – have settled in new buildings in West Plano, Regent Properties’ Legacy Central development was designed to offer less costly offices on the east side of the city.
An outdoor community space on the campus of Legacy Central in Plano.