Is Wells Fargo, code-named ‘Project Falcon,’ preparing to land in Las Colinas?

Irving City Council ready to take a swing on one of the largest real estate deals in North Texas.

The California banking giant Wells Fargo is looking for an important work center in the Dallas-Fort Worth area. The proposed regional office would provide a variety of services for the nationwide banking company and would resemble JPMorgan Chase’s huge business campus in Plano, according to real estate agents who have been tracking the deal.

Irving City Council has scheduled a closed session on “Economic Development Negotiations and Legal Advice” on “Project Falcon” for Thursday, according to the agenda. Project Falcon is the code name for office search in Wells Fargo.

The bank has been buying the D-FW area for 400,000 square feet or more of office space for the new operations for more than a year, say leasing agents who made proposals for the deal.

Wells Fargo has now focused on a location in the Las Colinas Urban Center near the Irving Convention Center and the Toyota Music Factory entertainment center. The 30-acre development site sits on the shores of Lake Carolyn and is one of the largest undeveloped areas in the area.

So far, Wells Fargo representatives have not spoken about the upcoming office transaction, saying they “have nothing to say at this point”.

But news of the transaction is widespread in the local real estate community.

Irving’s economic development officials declined to provide details on the project.

“Project Falcon is one of more than 100 active projects the Irving Economic Development Partnership continues to work on to bring and / or keep and / or expand Irving-Las Colinas home,” said Beth A. Bowman of Irving Economic Development Partnership said in an email.

If Wells Fargo lands at Las Colinas, it would be Irving’s second big win. The city just attracted a huge new divisional office for Caterpillar, based in Illinois.

Caterpillar Inc. – the international manufacturer of construction and mining machines, engines, generators and locomotives – consolidates employees of its Electric Power Division in Las Colinas.

Caterpillar is moving into office space on several floors in the striking Williams Square high-rise complex on O’Connor Boulevard near Carpenter Freeway.

The Wells Fargo office is one of the largest pending real estate transactions in the D-FW area. The bank and Wall Street firm Goldman Sachs are just two of the financial firms looking for new office locations in the area.

Office rental activity in North Texas stalled last year with the outbreak of the pandemic. However, real estate agents say the demand for new business space has picked up again this summer, with more businesses in the market.

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