RadioShack keeps corporate headquarters in Texas

Staff WriterMarch 13, 2010 

RadioShack, which reportedly looked at the Triangle as a possible place to move its corporate headquarters, now appears likely to remain in Texas.

The company said Thursday that it had reached an agreement to extend its Fort Worth lease for another five years through 2016. The deal is contingent on RadioShack getting tax incentives from Fort Worth and Tarrant County.

RadioShack leases about 250,000 square feet on the Tarrant County College campus. It could have left as early as June 30 without a lease extension.

The retailer was widely thought to be one of two large companies considering relocating to the Raleigh area. Such searches are conducted in secrecy, with prospective landlords asked to sign confidentiality agreements. Economic developers typically give such projects code names.

RadioShack was thought to be the prospect behind "Project Prince."

The Project Prince search team met with Highwoods Properties, Duke Realty and the developers behind Charter Square and Edison, two proposed projects in downtown Raleigh that have been delayed indefinitely by the credit crunch.

On a conference call with analysts last month, Highwoods CEO Ed Fritsch was asked about the two large tenant prospects that had been considering the area. After saying that Highwoods did not know who the mystery companies were, Fritsch said the trail appeared to have gone cold.

"We haven't heard much on them lately," Fritsch said.

RadioShack representatives never confirmed the company's interest in the Triangle, saying that the company does not normally discuss rumors or speculation.

Fort Worth offered RadioShack up to $66.8 million in incentives in 2001 to get the company to build a 900,000-square-foot campus. The company sold the campus in December 2005, and as of last year had realized a little more than $4 million it was eligible for.

Tarrant County College bought the campus in 2008 with the understanding that RadioShack could remain in two buildings until 2011, rent-free.

The Fort Worth Star-Telegram contributed to this report.

david.bracken@newsobserver.com or 919-829-4548

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