(Richardson) - Paragon Innovations Inc. has bought a building in Richardson to move its corporate headquarters into in the first quarter 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 will move out of its existing 11,500-sf space and into its new 17,000-sf office building at 3305 Matrix Road in the Renner Business Park.

The City of Richardson has approved a $25,000 economic development grant as part of a relocation package.