Financial giant JPMorgan Chase & Co. (NYSE: JPM) has finished buying a total of 50 acres within the $3.2 billion Legacy West development to build its multi-building campus, which is expected to cost hundreds of millions of dollars.
Construction on the 1 million-square-foot campus, which upon completion will house up to 6,000 employees, is expected to get underway in the next few weeks. The land deal closed Thursday afternoon.
JPMorgan Chase plans to begin construction on its 1 Million-square-foot multi-building in Legacy West. Gensler
JPMorgan Chase purchased 49 acres at Headquarters Drive and Communications Parkway in Plano, as well as a 1-acre parcel at the corner of Communications Parkway and Legacy Drive, in which the bank plans to develop a Chase branch to serve its employees and the West Plano community.
The financial institution acquired the property from SWC Tollway & 121 LLC, which is a partnership between JC Penney & Co., Fehmi Karahan's The Karahan Cos., KDC and Columbus Realty. Karahan is the master developer for Legacy West.
Recently, Karahan told the Dallas Business Journal the 255-acre Legacy West mixed-use development's value of real estate has reached nearly $3.2 billion. Two years ago, Karahan estimated the project to have a build-out cost of $2 billion, but the project has proved more successful than he had originally imagined. Show Full Story