Old Union Pacific Headquarters Lot

[skip]

It wouldn't be just for BH. UP too.

[Louie]

It wouldn't be just for BH. UP too.

Would there be an a change of use for the current UP building? Or just freed up Class A office space?

[Garrett]

It’s been a minute since we’ve had a crazy |expletive| rumor on the forum, it’s refreshing. Any idea on potential height?

[skip]

That is all the info I have unfortunately. I wish I knew more. I'm assuming this is very preliminary stuff since the land swap just occurred. But it sounds like they have had this idea in mind since the merger.

Once I hear more, I'll report back!

[Linkin5]

Is this project related to your 2023 post regarding this lot?

[Louie]

Is this project related to your 2023 post regarding this lot?

oooh good find, skip please tell us this is related. pleaseeeee.

[ita]

How about Berkshire subsidiary BNSF relocating to that site? Then you'd essentially have the headquarters for UP, Norfolk Southern and BNSF in a 2 block area? I'm kidding, but that would be fun!

I had the same thought! I read on Wiki that there was a rumor BNSF was looking at merging with CSX out of Florida. It would be something to have the merged UP/NX and BNSF/CSX (rumored, not confirmed) companies next door to each other.

[thenewguy]

sounds like a 50 story pile of bull |expletive|.

[Bob from Omaha]

My source says Conagra, FDR & Enron are all part of this. Yates & Menard are lead developers. White Lotus wanted to participate but the Civic development is keeping them busy. Macys, Nordstrom, Joe's Bail Bonds, etc.

More to follow. 60-90 days.

[skip]

Is this project related to your 2023 post regarding this lot?

oooh good find, skip please tell us this is related. pleaseeeee.

No that was a separate source who was with JE Dunn. For that development, there were outside developers pitching different ideas for this lot to the city. This was one of them. Obviously, it never came to fruition.

[skip]

sounds like a 50 story pile of bull |expletive|.

loosen up lmao

[Garrett]

Is part of the move also just wanting a new office space post-pandemic? What's the motivation?

[Renovator2559]

The motivation is mostly UP + Nortfolk Southern merger as a posibility. UP headquarters may be insufficient for NS employees to move to. My hope that another large tower is built and the current is repurposed.

[Linkin5]

The motivation is mostly UP + Nortfolk Southern merger as a posibility. UP headquarters may be insufficient for NS employees to move to. My hope that another large tower is built and the current is repurposed.

Wait, have you also heard about this rumor?

[Renovator2559]

Yes, Grow Omaha hinted early on.

[Linkin5]

Yes, Grow Omaha hinted early on.

Interesting. Just listened to this last weeks show quick and they briefly mentioned the land swap and Trenton stated “I predicted this four months ago on this show with the Norfolk Southern merger and everything else.”

[Nebraska>Iowa]

Read the 6th or 7th comment in the Reddit thread below. Probably the same person that's on here. Haha!

So there’s two big factors at play here from what I’ve heard. First, Union Pacific’s headquarters, while just a little over 20 years old, hasn’t aged incredibly well for the needs of UP post pandemic. To my understanding, the floor plates make for some odd layouts. Add on top of that the conversion of Central Park Place and the planned conversion of the shorter First National building into residential, and downtown Omaha suddenly has a bit of a void for smaller office spaces.

Then, UP is currently trying to acquire Norfolk Southern, who just built a brand new headquarters in Atlanta for its 3,300 HQ employees with a developer that opened at the end of 2021. As part of this deal, after 5 years of occupancy, Norfolk Southern would have the options to renew, or fully buy the developer out, or sell their share in the building. That would be at the end of 2026. If the UP acquisition goes through, that would be in 2027. The city is using the UP lot through 2028 for streetcar construction.

If UP chooses to consolidate offices, they could build a new tower on this lot, and convert their current building into a rental for smaller offices like Central Park Place used to be.

[NEDodger]

I understand your logic, but I guess there’s one problem:

If office space was so underutilized that CPP could be transitioned to apartments..

If office space was so underutilized that FNBO’s original building could be transitioned to apartments…

Why would UPRR consider investing in a brand new tower thinking they could rent out office space in their current one? Who exactly is in need of this?

[Renovator2559]

Does UPRR have sufficiency for NSRR employees on UP?

[arch_RP_planner]

I understand your logic, but I guess there’s one problem:

If office space was so underutilized that CPP could be transitioned to apartments..

If office space was so underutilized that FNBO’s original building could be transitioned to apartments…

Why would UPRR consider investing in a brand new tower thinking they could rent out office space in their current one? Who exactly is in need of this?

So, one of the main considerations for both CPP and FNC to be converted into res. units were that they were old and outdated office spaces and the floorplates made for awkward layouts, meaning their use as multi-tenant commercial spaces wouldn't generate the revenue possible with a residential conversion. In addition, Omaha's commercial/office and residential vacancy rates are both very low compared to its peer cities, so office space downtown is still desirable. Plus, each company can determine whether or not the space they are in is good enough for their needs, and if its not, and they have the money, resources, and people to change that, they will. The other thing is that the UPC is just incredibly massive. Probably could use some modernization if it were to be converted into a multi tenant office tower, and I think the concept of having shared public space between the various (future/prospective) tenants is something we currently don't have in town at that scale. The building is still in good shape, but the verbiage in their analysis of their current space states that it doesn't meet the need of their business post-COVID, so similar to Mutual of Omaha in that regard.

[Garrett]

Snippet from this examiner article about the incentives

https://nebraskaexaminer.com/2025/11/25 ... headwinds/

In a move not necessarily related to the stadium, the railroad seeks to buy back from the city long-vacant land at 1441 Capitol Ave. That square block, priced at $7.3 million, was once Union Pacific’s headquarters. The railroad told the Nebraska Examiner in a statement Friday that it is considering developing the property, but no firm decision has been made.

[skip]

Read the 6th or 7th comment in the Reddit thread below. Probably the same person that's on here. Haha!

So there’s two big factors at play here from what I’ve heard. First, Union Pacific’s headquarters, while just a little over 20 years old, hasn’t aged incredibly well for the needs of UP post pandemic. To my understanding, the floor plates make for some odd layouts. Add on top of that the conversion of Central Park Place and the planned conversion of the shorter First National building into residential, and downtown Omaha suddenly has a bit of a void for smaller office spaces.

Then, UP is currently trying to acquire Norfolk Southern, who just built a brand new headquarters in Atlanta for its 3,300 HQ employees with a developer that opened at the end of 2021. As part of this deal, after 5 years of occupancy, Norfolk Southern would have the options to renew, or fully buy the developer out, or sell their share in the building. That would be at the end of 2026. If the UP acquisition goes through, that would be in 2027. The city is using the UP lot through 2028 for streetcar construction.

If UP chooses to consolidate offices, they could build a new tower on this lot, and convert their current building into a rental for smaller offices like Central Park Place used to be.

I can confirm it wasn't me on Reddit

[Huskerbum]

UP selling to BH knowing it owns one of its main competitors in BNSF makes no sense to me… whatever happens I really hope it ends with a tall office tower!

[BRoss]

Grow Omaha reported on this recently based on the last city council meeting:

At the same meeting, the council heard brief comments regarding the sale of the old Union Pacific headquarters site at 1416 Dodge Street back to Union Pacific.

Under the purchase agreement, the city would sell the property to the railroad for $7.3 million. While details regarding what Union Pacific intends to do with the land are not confirmed, both the city and council member Pete Festersen alluded to Union Pacific planning to use it in connection to its planned merger with Norfolk Southern. Union Pacific previously announced that the combined headquarters would be in Omaha.

Norfolk Southern currently employs 3,500 office and administrative staff at its headquarters building in Atlanta. Norfolk Southern leases its building from Invest Atlanta, an economic development agency. The lease began when Norfolk Southern began occupation in 2021. Norfolk Southern has an option to terminate or renew the lease after five years.

While plans regarding what will happen to Norfolk Southern headquarters employees are currently unknown, based on comments by the city, there appears to be potential for some of the Atlanta jobs to move to Omaha.

[Garrett]

On the latest Grow Omaha, they talked about UP’s offer package saying that more than 500 managerial jobs would be moved from Atlanta to Omaha.

[Huskerbum]

That would be awesome alrough with the recently announced union opposition this may all turn into a pipe dream…

[thenewguy]

it would be great to see something go vertical, but based on the non-vertical nature of their current offices, I assume they'd just integrate into the existing tower in Omaha, especially if it is +/- only 500 jobs.

[iamjacobm]

Getting a new building out of it or not 500 likely well paying jobs is a big win for Omaha and downtown. If the merger happens obviously.

[Bob from Omaha]

From an article:

"The combined Union Pacific-Norfolk Southern "will continue to make smart investments and meaningful philanthropic contributions in Georgia, because it is essential to the success of our coast-to-coast network," Mark George, CEO of Atlanta-based Norfolk Southern, wrote in an open letter.
About half of the roughly 2,000 headquarters jobs at Norfolk Southern would be relocated or eliminated after its $85 billion merger with Union Pacific, according to estimates in a regulatory filing."

[Erik]

Yeah. This has parking garage vibes

[joleo]

What is in the old UP building right now?

[Brad]

What is in the old UP building right now?

It was demolished 15-20 years ago?