Associa’s search for a new headquarters hasn’t been as straightforward as that of many other companies.
The company, which calls itself the largest residential property management company in the United States, prefers to own its assets in-house.
Founded in 1979, Associa has a very strong financial track record, according to Chairman and CEO John Carona.
“Long-term ownership gives us the opportunity for value appreciation, in addition to significant debt amortization and tax benefits over time,” Carona said. “Purchasing at this time also allowed us to take advantage of weak market prices.”
The company currently owns the building at 5401 N. Central Expressway near Southern Methodist University. The building, near the fast-growing and rapidly changing Knox Street corridor, is expected to be sold by the end of the year, Carona said.
Associa, which has 300 offices in 42 states and operates in four countries outside the U.S., has seen revenue grow 30% over the past 24 months.
As a result, the number of employees increased, increasing the need for more office space.
The company settled on two adjacent buildings in Richardson, located at 2301 N. Greenville Ave. and 1300 Lookout Dr., which it purchased in an off-market transaction from EQT Exeter, the real estate arm of global private equity investor EQT.
For Associa, a campus-like feel, amenities and access to childcare were priorities.
Al Paniagua, senior vice president of Dallas-based commercial real estate firm Swearingen Realty Group, worked closely with Associa’s Clint Wallis and the firm’s corporate real estate team to assist Associa in finding the property.
He said Richardson was the logical choice because the company already had other office space in the area when its search criteria were established.
Carona cited Richardson’s “highly educated workforce, friendly and supportive city government and well-maintained, safe business district.”
The new locations, Creekview I and Creekview II, span 260,000 square feet across two buildings and include amenities such as a fitness facility, a café and adjacent child care facilities.
Carona said the company will invest $15 million in renovating the building over the next eight months before moving 1,000 employees to the new headquarters in the first quarter of 2025.
“The Creekview property definitely fit the vision and checked all of our boxes,” Paniagua said.
