DALLAS – (Realty News Report) – First Foundation Bank, a California-based lender, has relocated the headquarters of its holding company to Texas and signed a lease in Plano for its first retail branch in the state.
In recent months several California corporations have announced moves to Texas, including CBRE, Hewlett Packard Enterprise, Oracle, Charles Schwab and the engineering and design firm AECOM.
“The Dallas–Fort Worth region today reminds me of what Southern California was like 30 years ago, where First Foundation began,” said Scott F. Kavanaugh, CEO of First Foundation Inc. “Personally, it’s meaningful to return to Texas, where my roots are in the South. Texas offers a business-friendly environment that gives us confidence in serving Dallas communities with our high standard of client care.”
When the company moved its principal executive offices from California to Dallas in March, Kavanaugh told The Dallas Morning News that political and regulatory developments in California influenced the relocation. “We considered where we wanted to be geographically, and when you examine the landscape, the clear winners are Florida and Texas,” he said.
With the Plano retail branch lease, First Foundation has completed three North Texas leases in recent months:
One: 6,931 square feet of office space at The Crescent, which accompanied the move of the company’s principal executive office from California to Dallas.
Two: In July 2021, First Foundation Bank signed a 4,328-square-foot lease at Williams Square for a new loan production office.
Three: A lease for 3,800 square feet at Preston Shepard Place, located at 1709 Preston Road in Plano. This will be the bank’s first retail branch in Texas.
Serge Vishmid, managing principal of Atlas Capital Advisors, represented First Foundation Bank in all three transactions. He was assisted locally by Rebecca Griffin of Newmark, a former colleague.
“As the economy and commercial real estate market evolve following the COVID-19 pandemic, financial institutions and banks such as First Foundation remain a bright spot for growth,” Vishmid said. “First Foundation will continue to focus on expansion within the Dallas metroplex and in other key U.S. markets.”
Sept. 26, 2021 Realty News Report Copyright 2021
For more about Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon.
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Image: The Crescent in Dallas. Courtesy: Crescent Real Estate LLC
File: Texas Attracts California Bank. Crescent. First Foundation Bank.