Frisco is set to gain another corporate giant in New York City-based TIAA Financial Services.
The financial firm is reportedly closing its downtown Denver offices in 2026 as it prepares to move its offices to The Star in Frisco, close to the Dallas Cowboys’ training facility, and potentially adding 1,000 jobs to the area.
TIAA did not immediately respond to an interview request from The Dallas Morning News.
TIAA is one of the largest financial firms in the country as it manages $1.3 trillion in assets for 4.7 million people and 12,000 institutional clients like universities and nonprofits. It’s a move which will force TIAA to end its Denver lease before it was supposed to in 2029, but is expected to save the company money.
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“Closing TIAA’s Denver office in 2026, instead of when the lease ends in 2029, will provide substantial savings in rent and operational costs — savings which TIAA can then invest in business needs and serve the best interests of our clients,” TIAA said in a statement.
TIAA currently employs approximately 1,000 people at its Denver office and many will be given the option to relocate to North Texas if they’d like.
“We made this announcement now to give our associates as much notice as we could,” the company said.
Though some employees are expected to remain at a data center in Broomfield, Colo., it will end TIAA’s 30-year run in downtown Denver as the company will give up its iconic space at 1670 Broadway, which many simply referred to as the “TIAA building” since its logo is spelled out at the top of building.
TIAA is also planning on closing its Jacksonville, Fla., office in July 2025.
But it’s a fresh beginning for the company as Frisco will overtake Denver in its growth strategy alongside its bigger offices in New York, Chicago and Charlotte, N.C.
“We believe Frisco is the right market to invest and grow in,” said TIAA’s chief people officer Claire Borelli and chief administrative officer Derek Ferguson, in a letter sent to employees.
The company’s new $58 million space at The Star in Frisco was first announced in 2022 and will take up over 500,000 square feet and 15 stories of a new office building. At the time, the Texas Enterprise Fund provided an $18 million grant for the project.
It’s the latest win for Jerry Jones and his $1.5 billion real estate development as it has added businesses like the Dallas Cowboys World Headquarters, Omni Frisco Hotel, Baylor Scott & White Sports Therapy and Research facility and over 20 corporate businesses alongside a number of restaurants and retailers.
The state continues its trend of adding corporate relocations beyond TIAA. Oil and gas titan Chevron is moving to Houston before the end of the year. Billionaire Elon Musk has also announced SpaceX will move from California to Texas soon.
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