Texas developer KDC is seeking 3.5 billion dollars in private financing for AT&T’s new headquarters, Bloomberg reported on Thursday. KDC is leading development of the campus in Plano, on the former Electronic Data Systems site at Legacy Drive and Parkwood Boulevard, where AT&T plans to consolidate its headquarters with construction running through 2029 and ground breaking slated for December, according to local project reporting.
The campus is planned at more than 2.3 million square feet of offices across several buildings, with over 2.5 million square feet of structured parking, and the city of Plano has approved a 20 million dollar incentive package tied to employment benchmarks, with a long term plan for 10,000 jobs at the site by 2039. AT&T will begin moving out of its current downtown Dallas home, Whitacre Tower, in the second half of 2028.
The financing structure is the story. A 3.5 billion dollar private raise for a single tenant campus, if completed, would show private credit funding ground up corporate office at a scale and concentration that bank syndicates have declined since the pandemic, priced off the tenant’s covenant rather than the office market’s.
Readers should note the limits of the record: the figure comes from one Bloomberg report, no lender, pricing or closing timetable has been disclosed, and the amount sought is a financing target, not committed debt.