Dallas-based State Bank of Texas announced on March 15 that it has finalized plans to build a new headquarters building in the Las Colinas Urban Center. Construction should commence by the end of 2021 and is expected to be completed in mid-2023. The project was announced by Chan Patel, CEO and board chair.
The new headquarters is being designed by the Dallas firm of Malone Maxwell Dennehy Architects. The 48,000-square-foot building will be four stories, with a full glass curtain wall with a datum wall feature. Executive underground parking along with a parking structure for employees will provide protected, easy access for building tenants. Occupying the top two floors, the bank will be consolidating operations from Dallas, Chicago and Atlanta. In addition, a State Bank of Texas branch will be located in the lobby. The remaining space on the first and second floors will be available for tenant lease.
“We have worked closely with the architecture firm to design a building that is aesthetically pleasing, forward-looking with technology and workspace considerations, and sized appropriately for the community and our business needs,” says Rajan Patel, chief lending officer. “With our extensive experience in the hospitality industry as well as banking, we appreciate how important the right building can be. The resulting design is one we will be proud to claim for the bank’s future.”
The Patel’s connections to the community as business and civic leaders run deep. Irving residents since 1981, Chan and Surekha Patel recently announced a $2 million gift to enhance the surgical and cardiovascular care at Irving’s only charitable community hospital, Baylor Scott & White Medical Center–Irving. This is the single largest gift given by any donor in the history of the Baylor Scott & White Irving Foundation and was recognized by having the Patel’s names added to the hospital’s Medical Office Building One.
In addition, the Patels spearheaded the construction of the SLPS Community Center, an Irving facility that serves as a gathering location for the Dallas Surti Patel community of more than 900 families and is named in the Patel’s honor. Sushil Patel, president of State Bank of Texas, is the current vice chair of the Las Colinas Association, has served on the City of Irving bond task force and as chair of the planning and zoning commission.
“We are proud of State Bank of Texas’ commitment and investment in Irving,” says Irving Mayor Rick Stopfer. “We believe [the bank’s] decision to establish this boutique build-to-suit, corporate headquarters in the heart of the Las Colinas Urban Center will be beneficial to not only its workforce with nearby residential options and quality amenities, but also to the community through new job creation and significant capital investment. We look forward to continuing our strong partnership with this banking leader and its employees into the future.”
“State Bank of Texas is another wonderful addition to the Irving/Las Colinas business community and reinforces our national reputation as the ‘Headquarters of Headquarters’ in Texas,” says Beth A. Bowman, president and CEO of the Greater Irving–Las Colinas Chamber and Irving Economic Development Partnership. “Not only does State Bank of Texas bring jobs and global financial services to our city, but the leadership talent and personal generosity of the Patel family are a significant contribution to the benefit of all Irving–Las Colinas residents and our workforce.”
“The Los Colinas Association is truly excited that State Bank of Texas has chosen to develop its new headquarters at one of the most high-profile sites within Las Colinas,” says J. Hammond Perot, Las Colinas Association president and CEO. “The Patel family’s choice of the Las Colinas Urban Center for the new home of State Bank of Texas not only evidences that the district is a fantastic business address but it also highlights the deep connections and commitment the Patels have to our community.”
Established in 1987 by Chan Patel, State Bank of Texas continues to be owned and operated by the Patel family, with Chan Patel (father) serving as CEO, Sushil Patel (son) as president and Rajan Patel (son) as executive vice president and chief lending officer. As the largest Indian-American-owned bank in the U.S., the bank focuses on lending within the hospitality industry and currently has an $800 million lending portfolio that includes properties in 27 states nationwide.