12:00 PM on Jan 2, 2024 CST
While some businesses are cutting back on their office footprint, Charles Schwab is spending more than $24 million to finish out offices at its Westlake corporate campus.
The financial firm, which moved its headquarters from San Francisco to Texas in 2021, is completing an eight-story office building on its campus at State Highways 114 and 170 in Westlake.
The renovations total more than 281,428 square feet, according to filings with the Texas Department of Licensing & Regulation over the last four months. Austin-based IA Interior Architects is working on the designs.
The construction is scheduled for completion in January 2025. The work includes restrooms, breakrooms, open office spaces and conference rooms, according to the latest state filing.
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Schwab began moving workers into its 70-acre Westlake campus in 2019. The four-building office center is located in the Circle T Ranch, which also has large offices for Fidelity Investments and Deloitte.
Work started on Schwab’s first three buildings with 700,000 square feet of space in 2017. The campus now totals more than 1 million square feet and houses more than 2,000 workers. The last building was substantially completed in 2021 but not occupied during the pandemic.
“We are in the process of implementing our plans to complete the interiors of our fourth office building on our Westlake campus, prior to it being occupied in the first half of 2025,” Schwab’s Pete Greenley said in an email.
Construction on Schwab’s campus is scheduled to start just months after the company said it would trim its nationwide workforce by 2,000 people in a cost-cutting move. The company had 35,900 employees at the end of September.
Schwab is adding to its Westlake workspace at a time when other major businesses in North Texas are scaling back their offices. Office demand and occupancy in Dallas-Fort Worth has fallen since the pandemic sent thousands of office employees to work at home.
Irving-based McKesson Corp. is hoping to lease one of its headquarters buildings in Las Colinas to other companies.
D-FW companies are offering more than 10 million square feet of sublease office space for rent – workspace they are no longer using and hope to offload to other firms.
FAQs
The financial firm, which moved its headquarters from San Francisco to Texas in 2021, is completing an eight-story office building on its campus at State Highways 114 and 170 in Westlake.
Is Charles Schwab leaving California? ›
Formerly based in San Francisco, Charles Schwab HQ moved to Westlake, Texas, in 2021 to reduce operating costs. Chairman and founder Charles Schwab told Forbes that California's high taxes were a major factor in the decision, saying that "the costs of doing business here are so much higher than some other place."
Where are Charles Schwab corporate offices? ›
Where is Charles Schwab principal place of business? ›
It was founded in San Francisco, California, and is headquartered in Westlake, Texas. San Francisco, California, U.S. Westlake, Texas, U.S.
Why did Charles Schwab move to Texas? ›
Relocating its headquarters to Texas could save the company 10 to 15 percent in costs, according to a San Francisco Chronicle source. Because Texas imposes only a 0.75 percent franchise tax on business margins, compared to California's 8.84 percent, Charles Schwab will pay much lower taxes in the Lone Star State.
Why did Schwab go down so much? ›
Slow growth and headwinds on the balance sheet
Falling sales and earnings are not something investors prefer, which is why Charles Schwab stock slumped this week. Why were earnings down? The company has a bunch of low-yielding assets stuck on its balance sheet.
What happens if Schwab collapses? ›
In the very unlikely event that Schwab should become insolvent, those segregated assets are not available to general creditors. They're protected from any other creditor claims. They remain the client's assets.
Is Charles Schwab in debt? ›
Charles Schwab net current debt for the twelve months ending June 30, 2024 was $39.085B, a 48.04% decline year-over-year. Charles Schwab annual net current debt for 2023 was $15.896B, a 30.39% increase from 2022. Charles Schwab annual net current debt for 2022 was $12.191B, a 151.26% increase from 2021.
Is Charles Schwab Republican or Democrat? ›
Political and economic views
Schwab is a Republican, who has donated heavily to the party (including the National Republican Senatorial Committee and the National Republican Congressional Committee).
Who owns majority of Charles Schwab? ›
According to the latest TipRanks data, approximately 52.17% of Charles Schwab (SCHW) stock is held by retail investors. Who owns the most shares of Charles Schwab (SCHW)? Vanguard owns the most shares of Charles Schwab (SCHW).
Charles Schwab at a Glance
Charles Schwab is a discount broker with service, education, trading tools and research that put it in the top tier of investment firms.
Is Charles Schwab still owned by Bank of America? ›
It operated independently until 2000, when it was acquired by Charles Schwab, and Co. and subsequently sold to, and became a subsidiary of, Bank of America in 2007.
Who is the billionaire Schwab? ›
Schwab is the chairman of Charles Schwab Corp., a discount brokerage that has about $8.5 trillion in client assets. The Raonoke, Texas-based business was founded by Schwab in 1971 has been publicly traded for more than three decades.
Who is the parent company of Schwab? ›
Schwab and CSIM are subsidiaries of The Charles Schwab Corporation. 26. Schwab Intelligent Income is available in both Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium. There is no advisory fee or commissions charged for Schwab Intelligent Portfolios.
Who bought Charles Schwab? ›
TD Confirms Ownership Stake in The Charles Schwab Corporation Following Completion of Transaction.
Is Charles Schwab merging? ›
Now, Schwab and TD Ameritrade, Inc. are one combined company, dedicated to serving investors across every phase of their financial journey. If you're new to Schwab, you'll need to set up a Schwab Login ID and password to access your account.
What companies are headquartered in Westlake Texas? ›
Business
- Charles Schwab Corporate Campus.
- Deloitte University Campus.
- Fidelity Investments North Texas Campus.
- Project Blizzard.
- Solana - Office Park.
Westlake, TX.
Our newest campus, which also serves as Schwab's Corporate Headquarters, is located on a 70-acre site that is part of the Circle T Ranch development.
