Exterior view of the new Westlake Campus of Charles Schwab while still under construction

In the wake of Charles Schwab’s recent purchase of rival TD Ameritrade, the financial services firm has announced it plans to designate its two-building Westlake, TX campus as the combined business’ new corporate headquarters on January 1, 2020.

As of October 15, 2020, the $100 million, 750,000 square-foot Westlake property has at least 11 unpaid construction work claims worth $1.9 million attached to it. 

The latest mechanics lien was filed nine days following Charles Schwab’s deal to obtain TD Ameritrade, which was finalized on October 6, 2020. 

While active, a mechanics lien can provide unpaid contractors with a security interest in the serviced property, which can prevent it from being refinanced or sold. Typically, liens remain active on a property until the debt has been accounted for. 

According to a lien affidavit processed by the Denton County clerk’s office, subcontractor Walker Engineering filed the largest mechanics lien against the project’s general contractor, DPR Construction, for $1.69 million.

The unpaid work claims were processed according to Texas statute governing mechanics lien filings

11 unpaid construction claims worth $1.9M filed against Schwab facility

The 11 lien claims combine to a total of $1,939,792.91 following construction at Charles Schwab’s Westlake facility, located at 3001 Schwab Way, Westlake, TX. 

Walker Engineering’s lien claim from September 14 argues that the subcontractor is still owed $1,699,068.51. 

According to the lien affidavit, Walker Engineering provided electrical work under a contract with DPR Construction. 

Walker Engineering’s contract with DPR Construction was valued at $28 million, according to the subcontractor’s Charles Schwab Westlake campus project page

The subcontractor completed their electrical services to the project in August 2020. 

Walker Engineering did not respond to a request for comment.

The 10 additional lien claims filed by four different contractors total $240,724.40 in unpaid work. Seven of those claims named DPR Construction in liens filed by two different subcontractors. 

After TD acquisition, Charles Schwab names Westlake campus as new HQ

According to an article published in The Dallas Morning News, Charles Schwab’s deal to purchase TD Ameritrade was valued at $22 billion. 

The report also makes reference to Schwab’s plans to fully transfer all of their headquarters to the recently lien-claimed Westlake campus. 

Back in February of 2020, Charles Schwab had already started transferring over 2,000 employees to the Westlake facility. The Dallas Morning News reports that, because of the COVID-19 pandemic, 95% of the company’s employees have remained working from home, but Charles Schwab anticipates over 6,000 total employees will eventually relocate to their Westlake headquarters. 

Prior to the financial giant’s move to North Texas, Charles Schwab’s headquarters were located in San Francisco, CA. 

The Westlake campus includes two office buildings that range in size from two to five floors. Some key features include a client service center and a small museum space with Charles Schwab memorabilia. The facility also houses a fourth-story roof deck with a meeting room that overlooks a nearby ranch. 

Charles Schwab and GC DPR Construction began site work on the $100 million Westlake campus in June of 2017. At the time, Charles Schwab had named the facility as its latest regional office campus. 

Other major regional offices owned by Charles Schwab are located in Denver, Austin, and Phoenix.