Dallas Cowboys' New Coworking Concept Could Spread Across the NFL
Concept Is Expected to Open This Summer in Frisco at The Star
Formation, a coworking concept created by the Dallas Cowboys, will be located next to the Ford Center at The Star in Frisco. Photo: Visit Frisco
The Dallas Cowboys are unleashing a coworking concept, built on the football club’s popularity in Texas, letting executives rent shared office space within the Cowboys’ corporate headquarters to secure a spot in the team’s executive huddle. If successful, the concept could spread to other franchises across the country.
The concept aims to cater to executives seeking to build a relationship with the team and its high-profile owner, Jerry Jones Sr. The Dallas Cowboys, the world's most valuable sports team with an estimated value of $4.8 billion, has the highest revenue of any franchise at $840 million, according to Forbes' annual rankings. Three decades ago, Jones and his family bought the Cowboys for $140 million from H.R. "Bum" Bright for what was a record-setting price at the time.
Since then, Jones has built his empire surrounding the Cowboys under the blue star logo of the football club. From Blue Star Land to Sports Stack, formerly known as Blue Star Sports, Jones has wanted the Cowboys to be more than a team, also a legacy asset for his family. His children have entered the family business with Stephen Jones, Charlotte Jones Anderson and Jerry Jones Jr. playing key executive roles for the franchise.
The latest addition to the Cowboys' kingdom is an 18,000-square-foot coworking concept dubbed Formation in the team's corporate headquarters at One Cowboys Way at The Star in Frisco, the fastest growing large U.S. city and future home to the soon-to-be-built Keurig Dr Pepper headquarters .
The Formation is the latest offering by the team for those wanting to participate in the fandom surrounding the Cowboys' headquarters and practice facility at The Star in Frisco, a 91-acre mixed-use development owned by an affiliate of the team. The Jones family has already brought in other offerings, such as the Cowboys Club, a private social club and restaurant along the sidelines of the practice facility, and Cowboys Fit, a 60,000-square-foot fitness center with technology used by the Cowboys cheerleaders and members of the team.
Formation has a library, open workspace area, and private office options for executives wanting to be part of the coworking team. Photo: Dallas Cowboys.
If Formation does well, as expected, other National Football League teams could follow in the Cowboys' footsteps creating team-branded coworking options and extending its brand to the business world, said Ryan Hoopes, a director at Cushman & Wakefield's Dallas office, who specializes in tenant office brokerage.
"This is really going to be an extension of the Cowboy ecosystem," said Hoopes. "There's no reason why other NFL football teams wouldn't want to leverage their brand in this way."
Previously, Hoopes has spent nearly a decade in professional sports sales and management with both the Texas Rangers Baseball Club and Dallas Stars Hockey Club, specializing in corporate business development.
"So many chief executive officers and C-suite executives want to be in close proximity to these NFL teams, to their owners and their customers," he added. "We are beginning to see this intersection of real estate and sports in a whole new way."
Hoopes said he expects other NFL teams in large U.S. markets to follow the Cowboys lead, including teams in New York, Los Angeles, Chicago and elsewhere.
The new Formation concept will be located on the third floor of One Cowboys Way, the office building housing the Cowboys' corporate offices. A newly formed division of the Cowboys will oversee the management of Formation.
The Cowboys are expected to "carefully curate" Formation from the application process to create an "exclusive community of passionate business professionals," which will "encourage innovation and foster relationship-building," team officials said in a statement. Along with fully furnished workspaces or offices, the Cowboys are also providing members-only events and content created by the Dallas Cowboys front office.
Memberships begin at $525 per month. The Cowboys plan to begin accepting applications on Wednesday, March 6 with the space opening to the public this summer.
Aerial view of the Ford Center. Photo: Dallas Cowboys
Jerry Jones Jr., the Cowboy's executive vice president and chief sales and marketing officer, issued a statement saying the team wanted to create and environment to offer "one-of-a-kind access to business expertise from the Cowboys front office."
Formation would give entrepreneurs and executives an atmosphere allowing them to reach new business heights, he added. In November 2016, the Cowboys partnered with Dallas entrepreneur Rob Wechsler to form Blue Star Innovation Partners, an accelerator and investment venture, for startups at the crossroads of technology, sports and entertainment. Wechsler, who also founded Century Payments Inc., is the founder, managing director and CEO of Blue Star Innovation Partners.
Other professional sports teams, such as the Minnesota Vikings, the Los Angeles Dodgers and the Philadelphia 76ers, have also launched similar accelerator programs. At the time of the announcement, Jerry Jones Sr. said he hoped the incubator would bring incredible opportunities not only to the Jones family businesses, but to the sports industry.
Photo: Dallas Cowboys
Like Formation, Blue Star Innovation Partners is also housed in the Cowboys' headquarters building, which opened in 2016.
Hoopes said he expects Formation to fill up quickly with applicants, and, because there are only a limited number of spaces, the Cowboys will likely have their pick of Dallas-area executives.
"There's not enough available real estate up there for the amount of executives wanting to be in proximity to the Jones relationships and the funding they could provide," he added. "This is a relatively low barrier to entry to a powerful network."
Photo: Dallas Cowboys