Downtown Dallas just lost a neighbor.
AT&T announced this week that it's building a new global headquarters in Plano—consolidating three DFW locations into a single 54-acre campus at 5400 Legacy Drive. That's the former EDS campus, right in the heart of what NexPoint has been calling the Texas Research Quarter.
This is, depending on your perspective, either a massive win for Plano's suburban corridor or a devastating blow to downtown Dallas. It's probably both.
What's Actually Happening
The basics: AT&T is taking 54 acres on the former Electronic Data Systems campus—the same site Ross Perot built in the 1980s, the same site where NexPoint is developing its $4 billion life sciences hub.
The numbers:
- •~6,000 workers currently assigned to downtown Dallas offices
- •54-acre campus on Legacy Drive
- •99-acre rezoning request pending (hearing February 2, 2026)
- •Partial occupancy target: second half of 2028
CEO John Stankey framed it as creating a "campus designed for collaboration and innovation." Translation: open floor plans, amenities, walkable design, all the things modern corporate campuses have that 1980s downtown towers don't.
AT&T's lease at the 37-story Whitacre Tower in downtown Dallas runs through December 31, 2031. But executives are already talking about 2028 occupancy in Plano. The writing is on the wall.
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Take the quizWhy This Matters for Downtown Dallas
Let's be direct: this hurts.
Downtown Dallas Inc. estimates that AT&T's departure could cause a 30% decline in property values in the immediate area—roughly $2.7 billion in lost value. That's not just symbolic. That's tax revenue, foot traffic, restaurant patrons, parking revenue, all the economic activity that 6,000 workers generate.
The Discovery District—the ambitious mixed-use development AT&T anchored with a $100 million investment—is now in limbo. What happens to a "discovery district" when the primary discoverer leaves?
This continues a trend that's been building for years: corporate America is choosing suburbs over downtowns. Toyota chose Plano. Liberty Mutual chose Plano. JPMorgan expanded in Plano. Now AT&T.
The common thread isn't just lower costs (though that matters). It's proximity to where employees actually live. If your workforce is in Frisco, Allen, and McKinney, asking them to commute to downtown Dallas every day is a harder sell than it used to be.
Why This Matters for Plano
Plano just got validation that it's not, in fact, "past its prime."
Remember the narrative? "Plano peaked." "All the growth is north now." "Legacy is so 2010." That story looks different when a Fortune 500 company chooses to build its global headquarters there.
The Texas Research Quarter was already ambitious—a $4 billion bet on biotech and life sciences. The knock against it was execution risk. Could NexPoint actually attract anchor tenants in a competitive biotech market? Boston and San Diego have decades of ecosystem advantage.
AT&T changes that calculus. It's not biotech, but it's an anchor tenant. A Fortune 500 anchor tenant with 6,000 workers who need housing, restaurants, schools, and all the economic activity that comes with a corporate campus.
The hedge thesis: You now have:
- •AT&T (stable, established, Fortune 500)
- •Life sciences ambitions (high-growth, higher-risk)
If biotech struggles, AT&T provides stability. If biotech succeeds, it's a bonus. That's a better risk profile than "biotech or bust."
What This Means for Homebuyers
Let's get specific.
Affected ZIP codes: 75024, 75093 (west Plano near Legacy/DNT)
Timeline: AT&T is targeting partial occupancy in H2 2028. Rezoning hearing is February 2, 2026. This is happening fast by corporate real estate standards.
The demand thesis: 6,000 workers need to live somewhere. Not all of them will move from Dallas to Plano, but many will. Some already live in the area. Others will relocate closer to the new office.
West Plano neighborhoods within a 10-minute commute of Legacy and the DNT—Willow Bend, Deerfield, Kings Gate—are the obvious beneficiaries. These are established neighborhoods with good schools, mature trees, and the kind of stability that appeals to corporate employees.
The pricing question: Has this news already priced in? Partially. But real estate moves slower than stocks. The people who will actually buy houses because of this news won't be shopping for another 12-24 months. The window isn't closed yet.
What to Watch
February 2, 2026: Plano's planning department hears the 99-acre rezoning request. This should pass—the city wants this—but it's the first official milestone.
Construction timeline: Watch for groundbreaking announcements. Corporate campuses of this scale typically take 2-3 years to build.
NexPoint's response: Does AT&T's presence accelerate or complicate the biotech vision? TRQ was supposed to be a "research quarter." AT&T is telecom, not biotech. How do these visions coexist?
Downtown Dallas fallout: What happens to the Discovery District? Does another tenant fill the void, or does this accelerate downtown's challenges?
The Bottom Line
If you've been considering west Plano but were waiting for "proof" that the area still has momentum—this is it.
AT&T's downtown exit is Plano's gain. A Fortune 500 global headquarters doesn't just bring jobs; it brings a signal that this corridor is where corporate America wants to be. That signal has value.
For homebuyers in the 75024 and 75093 ZIP codes, the next 24 months are the window before this news fully prices in. If you were on the fence, the fence just got pushed.
For downtown Dallas, this is a wake-up call. The suburban pull is real, and wishing it weren't won't make it stop.
Texas Research Quarter just became a lot more interesting—and a lot less speculative.