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DALLAS-Oncor Electric Delivery Co. is ready to pull up stakes and relocate its headquarters to a vacant 265,000-square-foot empty building near the Victory Park development in the west CBD. The power provider plans to purchase the three-building complex, renovate it, then move its 500 employees into the space at some point in mid-2010.

Local media reports and a press release from Oncor Electric Delivery cited the need for consolidation and fast growth during the past three years as the reason for its relocation. The Dallas Morning News reports that the company examined several options downtown before deciding to buy and renovate the complex at 1616 Woodall Rodgers Fwy., which was marketed by Dallas-based Peloton Real Estate Partners. Lawrence Gardner with OMS Strategic Advisors in Frisco, TX represented Oncor in the complex’s acquisition. The buildings were constructed in 1978 and 1992.

Oncor currently occupies space in the Energy Plaza Tower at 1601 Bryan St., which is also downtown. The Dallas Business Journal notes that Oncor has grown from approximately 350 employees and contractors in 2006 to more than 500 employees today. Furthermore, Oncor has been investing in technology to help funnel energy from wind generation plants in West Texas, as well as to help the company monitor its power grid more efficiently. This is what helped spurred the employee growth, a company spokesman told the Business Journal.

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