Cost of living is high and housing costs are higher. Compensation paid by TIAA is lower than average and drawing top talent is challenging. Doubling down and spending over $200M to relocate and draining down the surplus to hire 2,000 associates is high risk. Post COVID and virtual work from home, a much, much smarter strategy would be to recruit the best from all over the US instead of limiting yourself to a 30 Mile Zone. But, this what "T" wanted. Eventually AI, Accenture, India and the Phillipines are going to perform a giant su-king sound like Ross Perot and leave a hollow sound in Jerry Jones' $115M building complex.
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@ps I don't use Google though. I use Bing
And the 2,000 expected new jobs also have a “minimum salary requirement” so they will not be able to just hire anyone to satisfy the requirement.
@nq 2,000 associates will be a stretch. 2,000 competent and valuable associates will be impossible. They might be able to get to 2,000 by scraping the bottom of the barrel, hiring temps, scabs, leased employees, and from the "ghettos" of Dallas but it will be a hard chore to get to 2,000 competent associates especially with the turnover, high cost of living, and offshoring to India and the Phillipines. If I were Brown Duckett, I'd tell Greg Abbott to keep his $18M and give it to ICE or protecting the border to keep the riff raff out or take the $18M and shove it up his A$$ sitting in that wheel chair of his. /S
@my learn how to use google. TIAA /nuveen are primary owners. Any other views are false. Much as you want to just pile on
Frisco is a joint venture between Nuveen and The Star development company.
@pc the bigger question/observation is why does TIAA, a multi-billion dollar company need to worry about $18mm? It’s essentially a rounding error.
@k3 $18M from Greg Abbott is the same amount $18M) of "T"'a salary--alledgedly
@k3 Nuveen is selling the building and TIAA will leaseback the office space.
TIAA hasn’t completed the terms of the $18mm TEF grant I.e. been able to put 2000 full-time associates in the Frisco office.
@k2 GG didn't provide the link, EH did. Maybe you are the one that is mathematically/cognitively/ challenged just like T, the Executive Committee, and the Board of MisDirection.
TIAA’s General Account will be a majority investor, and TIAA unit Nuveen Real Estate will co-develop and manage the building. The firm has also nabbed an $18 million grant from the Texas Enterprise Fund, which is known as the state’s “deal-closing” fund.
Easily found on the net
@gg your math isn’t mathing. Just because other buildings are owned by Jj, the very link you gave me provided TIAA owns it. They lease it from Nuveen.
@gg So, TIAA spent $115M to renovate the building and will pay millions to rent space and won’t even own it ? What a waste of money. It’s like flushing money down the gold plated toilet owned by Jerry Jones and Sh-t on it by T.
@ge something I found in seconds via Google. Not sure if it helps. But maybe the other poster forgot to elaborate more on “The Star” and other details around it.
“The Dallas Business Journal reports the company will sign a long term lease and will take up an entire 500,000 square foot building.
……….
Besides a bevy of commercial buildings, The Star is home to the Dallas Cowboys.”
So who owns the Dallas Cowboys? And ultimately the land and building TIAA leases from?
@eq Where does it say Jerry Jones owns the building? It says the owner is TGA BSL Lonestar. That’s TIAA.
Is "T"s end game to capture the University of Texas System with the move to Texas along with all colleges and universities in Texas ? From a recordkeeping and operations standpoint to administer those plans, the company would generate an operating loss each and every year for a good 5-7 years out of the box. The only hope would be through managed accounts, rollovers in, and creative ways for higher returns or more restrictions/surrenders on the investment side. Sounds like a hail mary pass dropped at the 1 yard line.
@eh Nuveen helped fund the build of the project. But … technically Jerry Jones (owner of the Dallas Cowboys) owns it as we lease the land and building. I mean it is located at “the star” right next to their practice facilities.
https://www.tdlr.texas.gov/TABS/Search/Print/TABS2024000700
@ea Whot owns it?
To spend $115M just on the building in Texas and they don't even own the building outright !
To spend $200M on the without any offsetting revenue enhancements is near criminal. With declining profitability and increased costs, tons of new lawsuits, TIAA is going to find it will need all the surplus it can get its hands on in the future to protect policyholders. The OP is right. The company should have hired virtual across the US with stay at home option. The 2,000 people they want to hire in TX--they will find the labor costs for IT and customer service jobs are over 50-75% less in India and in the Phillipines. TIAA is finding this out and they will start outsourcing sooner to cover the losses with the move to Frisco and the Texas experience will turn out to be a myopic dream and a colassal failure. I am concerned about our leadership and Board making these d-mb decisions. Stop the steal !
Spot on @OP I wish you were the CEO or on the board or an EVP… sidenote I read your “Eventually AI, Accenture, India and the Philippines”…
and instantly thought TIAA will be rebranded to PIAA (Philippines India Accenture AI).
That or PIFA (Philippines India Frisco Accenture).
I have heard from literally no one at this company that this is a good idea or will be successful. Keep shoving that block into the wrong hole tards.