KDC Seeks $3.5 Billion for New AT&T Plano Campus
The developer is financing a massive 2.3 million-square-foot campus to support AT&T's return-to-office mandate.
Updated on Oct. 23, 2026 in Remote Work
Live Poll
Do you support providing major tax incentives to attract large corporate headquarters to your area?
Developer KDC is seeking $3.5 billion in credit tenant lease financing to construct a 2.3 million-square-foot AT&T headquarters in Plano. The project, supported by a $20 million city incentive package, aligns with the company's full-time in-office mandate.
Why it matters
This massive capital raise highlights how major corporations are betting on long-term, centralized office real estate to consolidate talent as they enforce strict five-day in-person attendance policies. For local operators, the project demonstrates how suburban cities use tax rebates to compete for the infrastructure footprints of major employers.
KDC is seeking $3.5 billion in credit tenant lease financing for the 54-acre campus, significantly exceeding the $1.35 billion minimum construction requirement mandated by Plano. The development is further supported by a $20 million incentives package that includes a 65% property tax rebate over 25 years.
The players
KDC
A major commercial real estate developer specializing in large-scale corporate headquarters and mixed-use campus projects.
AT&T
A multinational telecommunications corporation and major employer currently consolidating its North Texas operations.
CGA Capital
A financial services firm specializing in structured finance and net-lease investment solutions for commercial real estate.
CBRE
A global commercial real estate services and investment firm facilitating large corporate real estate transactions.
The details
The project uses credit tenant lease financing, a specialized structure where debt is backed by the long-term creditworthiness of the anchor tenant, in this case, AT&T. Arranged by CGA Capital and CBRE, the debt carries a weighted-average life of nearly 19 years, tethering the company's real estate costs to its long-term operational footprint in Plano. The campus includes a 280-foot cell tower, daycare, and parking garages, essential infrastructure for the company's requirement that all office employees report in person five days a week.
Timeline
Beginning of 2025: AT&T mandated five-day in-person office attendance.
January 2026: AT&T announced plans to relocate to Plano.
Second half of 2028: Targeted initial move-in date for the campus.
Market Landscape
The move represents a strategic pivot toward concentrated suburban campuses as firms shift away from decentralized or downtown models. It follows the established pattern of suburban municipal incentives designed to capture major corporate head offices through long-term tax rebate structures.
Operators in North Texas should monitor this site for its potential to drive regional workforce density and localized service demand through 2028. Assess whether your business model or service supply chain will need to pivot to support the increased employee presence in this specific submarket.
The takeaway
Large-scale headquarters development remains a key signal of corporate commitment to physical, centralized office mandates. Monitor the 2028 move-in timeline for indicators of how effectively this campus supports long-term talent retention under the new five-day attendance policy.
Further reading
For more on how shifts in attendance policies are shaping commercial real estate, visit our Remote Work section.
Source note: This article includes information reported by Bisnow.
Live Poll
Do you support providing major tax incentives to attract large corporate headquarters to your area?
