Texas Attracts California Bank as Exodus Continues

DALLAS – (Realty News Report) – First Foundation Bank, a California-based bank, has moved the headquarters of its holding company to Texas and also leased space in Plano for its first retail branch bank in Texas.

A number of California firms have moved their headquarters to Texas recently, including CBRE, Hewlett Packard Enterprise, Oracle, Charles Schwab and the AECOM design engineering firm.

“The Dallas-Fort Worth area today reminds me of what Southern California was like 30 years ago, where First Foundation started, and for me personally, it is nice to return to Texas as my roots are in the South,” Scott F. Kavanaugh, CEO of First Foundation Inc. said recently. “Texas has such a business-friendly environment which gives us confidence in being able to serve the communities of Dallas with our high standard of exceptional client care. “

In March, when First Foundation relocated its principal executive offices from California to Dallas, Kavanaugh told The Dallas Morning News:  “A lot of the move had to do with politically some of the things that are affecting many companies in California. It led to us thinking about where would we geographically want to be, and when you look at the landscape, in my mind, the clear winners are Florida and Texas.”

With the new retail branch bank lease, First Foundation has signed three leases in North Texas in recent months:

One: 6,931 SF of office space at the Crescent, relocating its principal executive office out of California to Dallas.

Two: in July 2021, First Foundation Bank signed a 4,328-SF lease at Williams Square for a new loan production office.

Three: A new lease for 3,800 SF of space at Preston Shepard Place located at 1709 Preston Road in Plano, Texas.  This will be the bank’s first retail branch location in Texas.

Serge Vishmid, managing principal of Atlas Capital Advisors, represented First Foundation Bank in all three transactions. He was assisted locally by his former colleague, Rebecca Griffin of Newmark.

“As the economy and commercial real estate industry continues to evolve following the COVID-19 pandemic, financial institutions and banks like First Foundation Bank have remained a bright spot for growth,” said Vishmid.  “First Foundation will continue to focus on growth within the Dallas Metroplex and other key markets throughout the United States.”

Sept. 26, 2021 Realty News Report Copyright 2021

For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up  by Ralph Bivins. Available on Amazon  http://tiny.cc/4a2g6y  

Houston 2020 Ebook version  https://tinyurl.com/4xm7z8b5      

Image: The Crescent in Dallas. Courtesy: Crescent Real Estate LLC

File: Texas Attracts California Bank. Crescent. First Foundation Bank.

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