San Francisco-based Core-Mark Holding Co. Inc. announced it would move its corporate headquarters to Westlake in its Aug. 7 earnings call, according to a transcript from Seeking Alpha.
Core-Mark’s President and CEO Scott McPherson cited lower operating costs and taxes as the main reason for the relocation of the Fortune 500 company’s operations, according to the transcript.
“The cost of operating out of the San Francisco Bay Area (is) high, and while San Francisco is our longtime home, the business has expanded dramatically over the years,” the transcript reads.
The executive also praised DFW’s low cost of living as a reason for the company’s move: “It’s getting us in a much better position as a nationwide company to service our customers to be in a market that is, I’d say, employee friendly with a really high quality of life,” McPherson is quoted in the earnings call.
McPherson said the relocation will happen in the first quarter of 2019 and will bring 100 of Core-Mark’s estimated 8,400 employees to the Dallas-Fort Worth region.
Core-Mark is the second-largest distributor to the convenience store industry, according to its website. Irving-based 7-Eleven is among its clients.
The company recorded annual revenue of $12.2 billion last year and ranked 247th on the 2018 Fortune 500 list.
Ginger Awtry, director of communications and community affairs for the Town of Westlake, told D CEO that Core-Mark would relocate to a building in Solana office park owned by Chicago-based Equity Office Properties.
Real estate sources confirm that Core-Mark will occupy a full floor in building 3 and a portion of the first floor in building 6 at The Terrace at Solana. JLL represented The Terrace at Solana in lease negotiations.
An email to Equity Office Properties’ DFW representative was not immediately returned. Phone calls and e-mails to Core-Mark’s corporate office were also unanswered.