© 2014 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
(May 2) – Toyota announced earlier this week that it is moving its three separate North American headquarters to a single location in Plano, which will affect approximately 4,000 employees.
Currently, Toyota operates its North American headquarters for manufacturing, sales and marketing and corporate operations in Torrance, Calif; Erlanger, Ky.; and New York, N.Y.
Dallas real estate partner Paul Martin and staff attorney Bruce Miller of Vinson & Elkins advised Spear Street Capital in its lease agreement with Toyota.
Los Angeles real estate partner Farshad Moré of Gibson, Dunn & Crutcher represented Toyota.
The Japanese automaker has leased 120,000 square feet at The Campus at Legacy to kick off its move to Plano.
In a written statement, Toyota’s chief executive officer of the North America Region, Jim Lentz, said bringing Toyota’s headquarters together in a single location will help the company to be “better equipped to speed decision making, share best practices and leverage the combined strength of our employees.”
“This is the most significant change we’ve made to our North American operations in the past 50 years, and we are excited for what that future holds,” he added.
Toyota will construct a new, environmentally-sustainable campus facility in Plano, which will likely take two or more years to construct after groundbreaking in fall 2014, the company’s statement said. Until the new campus facility is complete, initial small groups of employees will work from a temporary location in the Plano area.
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