| Paragon Innovations plans Richardson move
Paragon Innovations Inc. has bought a building in Richardson to move its corporate headquarters into in the first quarter of 2010.
The $5 million engineering and product development company, now headquartered at 2100 10th St. in Plano, plans to almost double its staff of 18 over the next year, Paragon CEO Mike Wilkinson said. Much of the company's growth is being driven by medical device design, he said.
Paragon will move out of its existing 11,500-square-foot space and into its new 17,000-square-foot office building at 3305 Matrix Road in the Renner Business Park. Tenant finish-out is under way at the building, which was developed by Vantage Companies.
The purchase price was not disclosed.
The City of Richardson has approved a $25,000 economic development grant as part of a relocation package. The move will be a sort of homecoming for Paragon, which officed in the city from 1995 to 2000.
"I've always liked Richardson," Wilkinson said. "I've always liked the city and the business climate. We love the location. I think it's going to fit us just perfectly."
The facility also will house Kewl Innovations, a company Paragon recently spun out that developed a device called a personal portable cooling system for people who use Insulin or other medication requiring strict temperature control, Wilkinson said.
In addition, the facility will provide incubator space for other companies that Paragon partners with on projects, he said.
Adam Brecheen of Swearingen Realty Group LLC was the broker representing Paragon Innovations in the acquisition of the building from Vantage Companies.
Paragon has provided engineering and product development services for companies including 3M, Alcatel, Alcon, AMD, Andrew, B.Braun, Halliburton, Hitachi, MedTronic MiniMed, Motorola, Panasonic and Siemens.
Richardson Mayor Gary Slagel said Paragon will fit in well in Richardson's business community.
“Paragon Innovations joins other Richardson-based companies in being a strategic innovator and a critical partner for major businesses around the world," Slagel said in a statement. "We expect that the company will find continued synergies in being surrounded by other innovative and rapidly growing Richardson businesses, and that it will be able to draw on the great talent based in the Richardson area due to our high-tech focus and higher-education offerings.
Dallas Business Journal - by Bill Hethcock Staff Writer
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