Keeping Up With the Joneses: Dallas Cowboys to Revamp Months-Old Coworking Space
Months after launching Formation, the Dallas Cowboys’ coworking arm, the world's most valuable sports franchise is changing up its playbook and adding new features to appeal to a wider range of business executives.
The NFL team plans to expand the number of private offices and bulk up the swanky meeting spaces within Formation's existing 18,000-square-foot space at The Star in Frisco, a Dallas area suburb, to cater to the demand seen by its members and would-be members.
The Cowboys, which Forbes ranked as the world's most valuable sports franchise for the fourth year in a row with a valuation of $5 billion in 2019, also have their headquarters at The Star in Frisco.
The upgrades to Formation are expected to "allow for more ways than ever to leverage the Cowboys brand for their individual business success by providing increased access to the Dallas Cowboys organization and business network of the Jones family," Jerry Jones Jr., chief sales and marketing officer of the Cowboys, said in an email to CoStar News.
He declined to disclose the cost of the upgrades, but said "we believe so much in the success we've seen from Formation thus far that we're making another significant investment just six months into Formation's existence."
Jones said the team might consider other Formation locations in the future but "this is something that simply can't be replicated just anywhere."
And other NFL teams are showing interest.
"Other teams have certainly expressed interest in what we've built here at The Star, Formation included, and this is something we are very proud of," Jones said. "That said, Formation delivers a work environment and experience unlike any other, allowing entrepreneurs and executives that share our passion for business to leverage The Star and all that it offers to achieve business success."
Jones, the son of Dallas Cowboys owner Jerry Jones Sr., declined to disclose the number of members at Formation, but said the membership represents over 25 industries ranging from technology to finance to sports and entertainment. For select memberships, he said, there's already a wait list.
Formation's revamp brings a new membership option for the "on-the-go executive," who may need a second office or an "impressive space" to host meetings. The new membership, which is being marketed at $525 per month, includes 24/7 badge access to Formation, an individual Cowboys Fit membership, conference room access, a dedicated mailbox and other amenities.
"In particular, the addition of The Forum as event space for up to 40 people will ideally bring even more people in to see the space, opening up the possibility for more people to experience and enjoy Formation," Jones said.
The new membership option is about half the cost of a private office membership at Formation, which rents for $1,075 per month and quickly sold out upon opening its doors last summer. Members have the benefit of passing the Cowboys' executives in the hall or mingling with the Jones family at members-only events and getting special access to the events. By comparison, national coworking provider Serendipity Labs rents a private office at Hall Park, which is adjacent to The Star in Frisco, beginning at $599 per month.
"Executives can maximize networking opportunities with other entrepreneurs and business leaders," Jones said, adding one of the newest offerings is the "C-Suite Playbook Series," where notable executives tied to the Cowboys organization provide insight on their business success.
"We've seen and heard firsthand how Formation has helped our members to drive their own business success and often see them referring others to become members here as well," he added.
Recently, former Cowboys quarterback Roger Staubach and former Cowboys center Robert Shaw spoke about the their history as teammates on the field and later as business partners at Columbus Realty Partners, which helped develop Twelve at 12 Cowboys Way. According to CoStar data, the 17-story, 158-unit luxury apartment tower near The Star opened last month and is more than 90% leased.
This is yet another way the Jones family is capitalizing on the team's brand after putting the familiar blue star of its logo on AT&T's revamped corporate campus in downtown Dallas, at luxury apartments at the Star at Frisco and even esports teams.
Traditional office space tied to the Cowboys at The Star in Frisco is also sought out by companies. One Cowboys Way, which is where the Cowboys' world headquarters is located adjacent to the practice facility, is nearly 95% leased, according to CoStar data. The Cowboys are also helping develop the new corporate office of Keurig Dr Pepper, a $200 million project at The Star in Frisco.
