By Meg Costa
In 2018, global technology firm Nokia announced it would be moving its North American headquarters to Cypress Waters. The lease was the year’s the largest headquarters relocation in Dallas and promises to have a profound effect on the area for decades.
In fact, the Nokia deal is expected to have such an impact on our local economy and commercial real estate industry that it was awarded both Best Office Lease in D CEO’s 2019 Commercial Real Estate Awards and Best Headquarters/Campus in the Dallas Business Journal’s Best Real Estate Deals. We’re proud that the lease involved some of Cushman & Wakefield’s leading brokers: Randy Cooper and Craig Wilson, as well as Chad Tsitovich, Scott Goldman and Chris Wood in our Chicago office.
What was the motivation behind the move? Nokia had determined it was time to find a new North American headquarters in the North Texas area. They wanted to consolidate from two locations in Irving and Plano into a single, more central location that would better align with their internal restructuring and business consolidation, while also giving them a competitive edge for employee recruiting and retention.
The Cushman & Wakefield team helped Nokia identify Cypress Waters as an ideal location for the company’s new headquarters. The brand-new, 1,000-acre development by Billingsley includes office, multifamily and retail space, and fantastic walkability and amenities, all situated on an inviting lake and lots of green space. Nokia decided this was the ideal location to consolidate their headquarters into two buildings that total 350,000 square feet.
Nokia will eventually move 2,300 employees to the new location, which will include innovative workplace features such as internal coworking space to maximize employee flexibility. The additional of another Fortune 500 company to the Irving area will help to boost the surrounding economy for years to come—proof of the lasting impact that a single commercial real estate deal can have on the future of North Texas.
Congratulations to the Cushman & Wakefield team who helped make the deal possible, and to the developer, Billingsley, for the growing success of Cypress Waters.