“The world’s largest commercial real estate services investment firm” is placing its bets on the Dallas/Fort Worth job market, investing an estimated forty-two million dollars into facilities in the area.
According to a press release from the Office of the Texas Governor, CBRE (Caldwell Banker Richard Ellis) Inc., headquartered in Dallas, is expanding its current facilities in Dallas and is planning to open a new operations center in Richardson, Texas.
The Dallas expansion is expected to “create 460 new jobs and more than $29 million in capital investment” over the next thirteen years. The new operations center in Richardson will create “550 new jobs and more than $13 million in capital investment,” according to the press release.
The State of Texas helped ‘seal the deal’ by offering the company Texas Enterprise Fund (TEF) grants in the amount of $3,450,000 and $3,300,00 for the two projects.
According to the State of Texas website, these awards are “‘deal-closing’ grants to companies considering a new project for which one Texas site is competing with other out-of-state sites.
The fund serves as a performance-based financial incentive for those companies whose projects would contribute significant capital investment and new employment opportunities to the state’s economy.”
CBRE is listed at number 122 on the Fortune 500 and has earned numerous awards over the years, including Fortune Magazine’s Most Admired Real Estate Company nine times.
The company was also named to Bloomberg’s 2020 Gender-Equality Index, and in 2017 was named by Forbes and Fortune as one of America’s best employers for diversity and inclusion.
Gov. Greg Abbott stated, “Exceptional companies like CBRE are attracted to Texas because of our dynamic workforce and unrivaled business climate. CBRE’s expansion in the Dallas-Fort Worth Metroplex will bring over one thousand high-paying jobs and greater opportunities for the hardworking people of North Texas, and I look forward to a strong relationship with the company as we work together to keep Texas the national model for economic prosperity.”