California Tech Firm Inks Lease In Allen, Where Developers Are Doubling Down On Office
A San Diego mobile infrastructure consultancy that announced last month it would relocate to the DFW area, bringing 200-plus tech jobs and $6.8M in new capital investment along with it, has leased new headquarters space in Allen.
MD7 will lease 25K SF of Class-A space in the eight-story One Bethany West property on the 17-acre Watters Creek campus in a fast-growing corner of the Dallas suburb.
“MD7 evaluated numerous cities around the country for its corporate headquarters, and we couldn’t be happier they chose Allen,” Allen Economic Development Corp. Assistant Director David Ellis said in a release. “Workforce, top-tier schools, and the amenity-rich One Bethany at Watters Creek — plus our prime location in the heart of the Dallas-Fort Worth metro — made Allen a natural fit for this innovative company.”
One Bethany West is located at 900 West Bethany Drive near the Watters Creek Convention Center and Watters Creek at Montgomery Farm, a 52-acre resort-style, mixed-use development housing more than 50 shops and restaurants. The development has leased 375K SF to corporate tenants since 2018, according to Nick Summerville, managing partner and chief operating officer of project developer Kaizen Development Partners.
“This remarkable growth is a testament to the attractiveness of the Allen community and validates Allen as one of the most pro-business communities in North Texas,” Summerville said. “MD7’s commitment to move to One Bethany West further reinforces our belief that Allen is one of the nation’s top suburban Class-A office markets.”
Allen has seen a $475M spate of new Class-A office development over the past year, including Allen Tech Hub, a 105K SF building in the Watters Creek District set to open next year, and The Farm in Allen, which broke ground this spring on a 100K SF office building and entertainment district.
All together, Allen has more than 9M SF of Class-A office space planned or underway spread over four mixed-use projects, according to AEDC.
MD7 works with mobile operators and infrastructure providers in more than 20 countries and is helping deploy 5G networks in the U.S. and in key European markets. As part of its relocation, it was awarded a $773K Texas Enterprise Fund grant, including a $10K Veteran Created Job Bonus, marking the first time a company relocating to Allen has benefited from those funds.
CORRECTION, SEPT. 22, 4:50 P.M. ET: The city of Allen has seen $475M of new Class-A development over the past year. The story has been updated.
