Building modernization agreement supports continued reinvestment in prominent Richardson office park fronting US 75.
(Richardson, Texas) – The City of Richardson is pleased to announce a new economic development agreement with Provident Corp. to support additional building improvements tied to AT&T’s expansion at the Lakeside campus, located along US 75 at Lakeside Boulevard.
The agreement builds on the City’s 2025 announcement that AT&T would relocate and expand a call center office at the prominent Richardson office park. The new project supports AT&T’s lease of an additional 190,000 square feet of office space at 2201 and 2221 Lakeside Boulevard under a 12-year lease agreement, further strengthening the campus as a destination for long-term corporate tenants.
“AT&T’s decision to expand its presence at Lakeside is a significant investment in Richardson and another strong example of the value of reinvesting in our existing corporate campuses,” said Richardson City Manager Don Magner. “By working with property owners to modernize these properties and position them for long-term success, we can help retain major employers, attract new investment and ensure Richardson continues to offer the high-quality office environments companies need to compete for talent and grow.”
About the Agreement
AT&T’s expanded presence will include office space across both Lakeside Boulevard buildings and is expected to be supported by approximately $11.5 million in capital investment by the landlord for building improvements and a tenant improvement allowance.
Provident, which purchased the Lakeside campus in 2024, has continued to pursue reinvestment opportunities designed to reposition the property for modern office users. The campus, originally developed as a major corporate and technology facility, remains one of Richardson’s most visible office properties with direct frontage along US 75.
“Richardson is a thriving community within the evolving and continuously growing DFW Metroplex. We want companies and employees alike to also thrive in this technology-focused area, and AT&T, being one of the region’s most prominent and longstanding employers, is an important part of that story,” said Stuart Fink, Executive Vice President, Real Estate Investments. “We are proud to support AT&T’s long-term commitment to Richardson and the reinvestment in the Lakeside campus to create a high-quality workplace that reflects Provident’s confidence in the City of Richardson that will serve the company for years to come.”
Richardson’s Economic Development Support
To support the project, the City of Richardson has approved a property acquisition and building modernization grant totaling up to $4 million, payable in two installments, with the potential for an additional $500,000 bonus installment based on future leasing milestones.
The first installment is tied to AT&T’s lease commitments, acquisition of additional parking to accommodate the expansion, placement of AT&T signage on the buildings visible from US 75, and other requirements related to the continued use of the Lakeside campus by existing and future tenants.
The second installment is tied to future long-term occupancy of an additional approximately 175,000 square feet at 2201 Lakeside Boulevard by a future tenant.
Throughout the agreement, AT&T must maintain continuous operations within its leased space, and future tenant occupancy requirements must be met to retain the full value of the City’s support.
Meeting Richardson’s Economic Development Strategy
Reinvesting in corporate campuses is a key component of the City of Richardson’s commercial office space strategy designed to attract reinvestment in legacy office buildings.
The City’s three-pronged approach includes:
- Collaborating with property owners to upgrade amenities,
- Offering tenant improvement grants to make office deals more financially feasible, and
- Targeted redevelopment of specific office properties.
These initiatives are designed to attract and retain businesses and to enhance and carefully redevelop office campuses with a variety of uses that to attract new long-term corporate tenants.
Business Growth Incentives Available
The City of Richardson’s Economic Development Department encourages all businesses considering expansion or relocation to submit applications for various incentives.
Incentives include:
- Building modernization grants,
- Building and tenant improvement grants,
- Permit fee waivers, and
- Job creation grants.
Incentives are available to entities that commit to significant capital investments, noteworthy job retention or creation or long-term lease agreements. Each application is evaluated on its own merits to ensure it aligns with Richardson’s goals of fostering economic growth and enhancing the community’s competitiveness.
Learn more at www.RichardsonEconomicDevelopment.com.
About Provident
Provident is a privately held real estate development and investment firm with over three decades of success across multiple market cycles driven by foresight, experience, and adaptability to changing markets. Provident focuses on delivering exceptional risk-adjusted returns to investor partners through the development of opportunistic and value-add strategies. Since its founding in 1991, Provident has developed or invested in over $7.5 billion in real estate projects nationwide.
About Richardson Texas
Located just north of Dallas, Richardson is a culturally diverse community offering a blend of urban amenities with exceptional suburban service. Richardson benefits from being home to The University of Texas at Dallas, a research powerhouse. UT Dallas’ influence is felt in the presence of dynamic businesses in sectors such as advanced additive manufacturing, biotechnology, finance, software development, and R&D, as well as hosting incubators for entrepreneurial start-ups. Richardson’s thriving, innovation-focused economy creates numerous opportunities while also supporting a historically stable local government capable of delivering high quality-of-life and exemplary services for a diverse array of neighborhoods and multi-modal transportation options, enabling easy access to the entire DFW Metroplex. Richardson is regularly recognized in third-party rankings as one of the best places in the nation to live, raise a family, start a career, go to school, buy a home, and retire.