News Article | 4/28/2021

Caterpillar Inks Big Lease at Williams Square in Las Colinas

Caterpillar Inc. has selected Las Colinas as the home base for its new Electric Power division. The company will lease multiple floors in the West Tower of Williams Square; it’s still determining exactly how many square feet it will ultimately take. Members of the group are currently located globally, with leadership in locations such as Houston and Atlanta. According to a company spokeswoman, employees will move to the new Irving office from several locations; Caterpillar also expects to make local hires, as well.

Based in Deerfield, Illinois, a North Shore suburb of Chicago, the Fortune 100 company is a leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It expects to take occupancy of its new Las Colinas space in early 2022.

“We are excited to consolidate the Electric Power leadership and support teams together in Irving, Texas,” said Jason Kaiser, Caterpillar’s Electric Power division vice president, in a statement.  “Our new office in Williams Square will play an integral role in supporting Caterpillar’s long-term strategic goal to remain a leader in our industry. This location is home to a highly skilled workforce and provides global access to our customers and dealers with centralized proximity to DFW and Love Field airports.”

Caterpillar’s new office space will be designed by Dallas-based Corgan. Its deal includes top-of-building signage on the West Tower, facing State Highway 114.

“With the redesign of Williams Square Plaza and the surrounding dining, entertainment, and living options, Las Colinas provides an unmatched office destination,” said Bill Brokaw, senior vice president of Hillwood Urban. He and Karch Schreiner represented Hillwood Urban and its Williams Square ownership partners, Apollo Global Real Estate and Vanderbilt Partners. Ned Franke and Matt Heidelbaugh of Cushman & Wakefield represented Caterpillar Inc.

Earlier this year, the City of Irving awarded a $7.8 million contract to StructureTone Southwest to renovate and update Williams Square Plaza, home to the iconic Mustangs of Las Colinas. Work, set to wrap up in early 2022, involves removing a portion of the existing granite pavement to create a new urban green space, as well as lighting and fountain enhancements and movable tables and chairs.

Designed by developer Ben Carpenter in 1985, Williams Square includes a 26-story center tower flanked by two 14-story towers and an adjacent five-story building.