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Rating:Schwab Plans a $100MM, 1,200-Employee Texas Hub Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 11, 2016

Schwab Plans a $100MM, 1,200-Employee Texas Hub

News summary by MFWire's editors

Walt Bettinger is planning a big new hub in the Lone Star State.

Walt Bettinger
Charles Schwab
President, Chief Executive Officer
The Dallas Morning News and the Fort Worth Star-Telegram both report that San Francisco-based Charles Schwab [profile] will build a 500,000-square-foot, $100-million, regional office campus in Westlake, Texas (north of Fort Worth). Schwab will create 1,200 or more jobs for that new campus over the next decade.

The discount brokerage giant has offices in several other parts of Texas already. Schwab has a big presence in Austin, both papers note, and it is already building out its presence in El Paso. In Westlake, Schwab began leasing a 130,000-square-foot space last year and already has about 60 people there.

Meanwhile, Schwab is expected to break ground on the new Westlake campus in Q3 or Q4 2017, with an early 2019 target for completion. A Schwab spokeswoman tells the Star-Telegram that they "have already begun recruiting there."

"We expect that all of our business operations will ultimately be represented at our new campus," the spokeswoman tells the paper.

The two local papers offer some insight as to how local and state government is supporting the planned Schwab development. That support includes: a 100-percent Westlake property tax abatement that scales down over ten years; a possible Denton County property tax abatement; sharing of Westlake sales-taxes; and a $6-million Texas Enterprise Fund grant from the state.

The Morning News notes that Schwab's planned Westlake campus will be near a Deloitte complex, a Fido complex, and a TD complex. 

Edited by: Neil Anderson, Managing Editor

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