State Bank of Texas (SBT)—a $1-billion asset full-service commercial bank currently headquartered in Dallas, TX—announced today that it has finalized plans to build a new headquarters building in the Las Colinas Urban Center. Construction on the new headquarters should commence by the end of 2021 and is expected to be completed mid-2023.
The building project was announced by Chan Patel, CEO and board chair of SBT. “We are tremendously pleased to be locating our headquarters in the vibrant Las Colinas Urban Center,” said Patel. “This investment further strengthens our commitment to the Irving/Las Colinas community and allows our business ample room to continue growing.”
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 over 900 families and is named in the Patel’s honor. Sushil Patel, SBT president, 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. “When it came time to select a location for the bank’s headquarters, we knew it had to be in Irving/Las Colinas,” Sushil Patel said. “This announcement is more than just about a building; it’s about our company and our family’s commitment to our associates, and to a lasting legacy in Irving/Las Colinas.”
“We are proud of SBT’s commitment and investment in Irving,” said Irving Mayor Rick Stopfer. “We believe SBT’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,” said Beth A. Bowman, President & 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. Congratulations to the Patel family and the State Bank of Texas team. Welcome to your new home in Irving-Las Colinas!”
“The LCA 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,” said Las Colinas Association President & CEO J. Hammond Perot. “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.”
The new SBT headquarters is being designed by the Dallas firm of Malone Maxwell Dennehy Architects. The Class AA 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, an SBT branch will be located in the lobby. Remaining space on the first and second floors will be available for tenant lease. “We have worked closely with the architecture firm,” explained Rajan Patel, SBT’s chief lending officer, “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. 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 SBT’s future.”
State Bank of Texas was founded in 1987 by Chan Patel and 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 EVP and Chief Lending Officer. As the largest Indian-American-owned bank in the United States, the bank focuses on lending within the hospitality industry and currently has an $800 million lending portfolio that includes properties in 27 states nationwide. SBT has been recognized as one of the top performing banks in the country, ranked #1 by ROAA for banks under $10 billion in assets. SBT intends to continue its formula of providing strong financial services to hard-working entrepreneurs while applying the same conservative fiscal practices that have been responsible for its historical success.