First Service Credit Union has embarked on the next phase of its growth strategy with the purchase of a six-story building in the West Houston Energy Corridor as its new headquarters.
First Service has purchased the building at 16430 Park Ten Place, which will serve as the new corporate headquarters as well as a long-term financial investment.
The building is located within the Park Ten Office Park. It consists of 110,452 square feet of office space, four times the space of First Service’s current headquarters office.
First Service will initially occupy 35,000 square feet of the building, with current tenants occupying the majority of the remaining space. The size of the new headquarters building will allow First Service to easily accommodate its anticipated growth.
The new headquarters facility will house all of First Service’s operations and its technology and mortgage subsidiary organizations, along with a full-service branch.
First Service has had its headquarters at 9621 West Sam Houston Parkway North for the past 10 years. The credit union has placed that location on the market, but plans to maintain a branch within or nearby the building.
“The new facility gives us more than enough room to grow over the next decade,” said Dave Bleazard, President of First Service Credit Union. “It is also a great real estate investment for us, with tenants that will offset some of our costs.”
Bleazard added, “As a member-owned financial institution, we always want to be good stewards of our financial resources. We investigated other options and determined buying and renovating an existing building was the best use of those resources.”
First Service plans to move its executive team, mortgage operations, collections, accounting, call center and other back office departments into the new building within 60 days. The remainder of the staff will move to the new office by year-end.
First Service has more than 160 employees and 10 branches to serve its 58,546 members. The credit union had assets of $597 million as of the end of 2015, a 12 percent growth for the year. First Service’s objective is to become an $800 million credit union by 2018, and the new headquarters building will help the credit union accommodate that growth.
Brokers for the sale were NAI Partners and Stream Realty Partners. First Service is working with Turner Duran Architects in the remodeling and development of the building.