AUSTIN’S BIG BUILD-TO-SUIT OFFICE CAMPUS
The popularity of Far North Dallas continues to make it one of the
most attractive and active markets in the Dallas-Fort Worth metro-plex. According to JLL research, the submarket has 7. 3 million sf
of office space currently under construction and 1. 7 million completed year to date.
The corporate campus serving as AmerisourceBergen Specialty
Group’s new regional headquarters will be the largest build-to-suit
office campus at Austin Ranch and one of the largest employers in
Carrollton. AmerisourceBergen completed negotiations for the
300,000-sf office lease toward the end of 2016.
JLL’s Jeff Staubach, Greg Biggs, Torrey Littlejohn and Chase
Monroe negotiated the lease on behalf of AmerisourceBergen.
Billingsley Co.’s Marijke Lantz represented the landlord.
AmerisourceBergen joins Freddie Mac, Quest, Sanyo, Orthofix
and Edward Don at the 1,700-acre master-planned development.
LIKE A GOOD NEIGHBOR…
In a sale-leaseback with pricing more commonly seen in New
York City or Chicago, a Transwestern-sponsored entity acquired
the fee-simple interest in the 2.2-million-sf State Farm complex
within KDC’s 186-acre Cityline mixed-use development in
Richardson, TX for $822 million. Transwestern Investment Group
formed a partnership with Seoul-based Mirae Asset Global
Investments Co., dubbed Corporate Properties Trust I LP, to buy
the complex’s four primary office towers from State Farm Auto
Insurance Co. Corporate Properties Trust I will own the properties
through a newly formed REIT,
which was created to allow
long-term stable ownership of
high-grade, fully leased institutional properties, a structure
which benefits the tenant and
the investors. The investment
will be managed by a wholly
owned subsidiary of
Group. Laurie Dotter led the
Transwestern team of Collin
Comer, Paul Garancis and
Paul Wittorf to structure the
deal. The in-house reps for
KDC and State Farm, respectively, were Larry Wilson and
PENNEY OFFICE GETS BIG DOLLARS
Department store retailer J.C. Penney Co. sold its Plano, TX
headquarters at year’s end in a partial leaseback. The three-story,
1. 8 million-sf campus sold for $438.7 million to Silos Harvesting
Partners LP, led by Dallas developer Sam Ware, which plans to
market the complex for lease under a new name: the Campus at
Legacy West. A CBRE team of John Alvarado, Russell Ingram, Gary
Carr, Eric Mackey and Robert Hill represented Penney in the sale
of the campus, while a second CBRE team including Jeff Ellerman,
Chelby Sanders and Josh White represented the retailer in the
1.12-million-sf leaseback. Colliers International’s David
Quisenberry and John Conger are handling leasing efforts at the
building, and Silos Harvesting Partners has also tapped Dave
Davidson and Edward Bogel of locally based Davidson Bogel Real
Estate to sell 45 acres of developable land surrounding the campus.
NEW UPTOWN DALLAS TOWER STANDS TALL(EST)
Barely two years after breaking ground in the heart of Uptown
Dallas, the McKinney & Olive building opened for business at the
end of last year. It’s the first commercial tower in Dallas to be
designed by an internationally acclaimed architect since the 1980s,
according to the developer, Crescent Real Estate Equities LLC. On
track to gain LEED Gold certification, the tower is also the tallest of
its kind in the area.
Architectural firm Pelli Clarke Pelli designed the 536,000-sf
structure located at 2021 McKinney Ave. The 20-story tower offers
office and retail space, and visibility in the pedestrian-oriented
Uptown Dallas neighborhood—an area in which Crescent is heavily invested. Located on a 3.1-acre site across the street from The
Ritz-Carlton, McKinney & Olive is a class-A mixed-use complex with
approximately 486,000 sf of office space and 50,000 sf of retail
space on two levels.
Built on one of the largest vacant properties north of Downtown
Dallas, the “elaborate” project features 10-foot ceilings in the office
space, floor-to-ceiling glass walls that offer unobstructed city views.
The customer-only concierge floor features a sunlit conference
center and a fitness studio designed and equipped by Canyon
Ranch, which overlooks the rooftop terrace. Nearly a quarter of the
development’s land is non-revenue generating, mostly a one-acre
piazza—designed by Klyde Warren Park landscape architect the
Office of James Burnett—that will be open to the community.
Retail tenants, including Del Frisco’s Double Eagle Steakhouse,
Starbucks, Doc B’s Fresh Kitchen and Roti Modern Mediterranean,
will open up shop this year. Among the office occupants signed on
to the project are anchor tenant Gardere Wynne Sewell LLP, Sidley
Austin LLP, Cushman & Wakefield, Prologis Industrial REIT and
ad agencies Saatchi & Saatchi and Team One.
GLOBEVILLE’S INDUSTRIAL STRENGTH
Formerly a brownfield under an Asarco smelting plant that opened
in the 1880s, a 77-acre site in Denver’s historic Globeville is now
home to Crossroads Commerce Park. The master planned development, encompassing nearly one million sf of class A industrial,
was spearheaded by Newmark Grubb Knight Frank’s Mike Wafer
and Tim D’Angelo, who identified the long-range opportunity to
clean up and redevelop the site, the future need to add industrial
product to Denver’s Central submarket and the chance to transform the area into a vibrant economic generator of jobs.
Wafer followed through, helping to put together the team that
would first remediate and later redevelop the site. The result has
been one of the region’s most high-profile industrial expansions,
with the first phase developed by a JV between Trammell Crow Co.
and Principal Real Estate Investors.
Within the park itself, CCP offers multiple building configurations and a range of ceiling heights. The park has attracted local,
regional and global tenants including American Tire Distributors,
Lennox Industries and Gloprofessional, as well as e-commerce tenants looking for central distribution in the Denver market.
In addition to the 655,000 sf developed in the first phase, TCC,
with input from the NGKF team, designed an on-demand build-to-suit program allowing user-buyers to individually customize their
building needs. The first BTS of 62,000 sf delivered in the third
quarter of 2016 for Empire Staple Co., a 75-year-old organization
which relocated from the downtown periphery to serve its customers from an accessible location convenient to Interstates 25 and 70.
CCP sparked the $16-million expansion of a major North Denver
thoroughfare, Washington Street, to improve access to the I- 25 and