Monarch Alternative Capital LP, a leading investment firm with approximately $9 billion of assets under management, has acquired a newly constructed Class A office building and adjacent developable land parcel in the thriving Dallas submarket of Legacy, Texas. Under Monarch’s ownership, the building has been rebranded as Apex at Legacy. The branding efforts also include a plan to finalize the amenity offering of the property. The Apex at Legacy acquisition, Monarch’s sixth office building purchase in 2021, illustrates the firm’s strategy of investing in Class A properties in growing metropolitan areas that have seen real estate activity accelerate through COVID-19. Monarch’s experience as a committed owner and operator of properties is key to creating value for all stakeholders of the asset.
The Apex at Legacy is a Class A podium parked office building that offers excellent views, tollway frontage, and walkability. With construction completed in May 2021, the building is one of the only properties in the market currently that offers move-in ready, headquarter quality space for companies looking to relocate and grow in Legacy. Additionally, the property offers expansion opportunities due to the adjacent development site that can provide a built-to-suit solution for a tenant’s growth plans.
The property consists of both a newly constructed Class A office building and a 2.1 acre adjacent development parcel. The 209,081 square foot office building is located at 5801 Headquarters Drive in Plano, Texas. The building is comprised of seven floors of office space above a six-story garage with 798 parking spaces.
In addition to the core attributes of the building, Monarch believes that the Dallas metropolitan area and the Legacy submarket provide for one of the most attractive locations for office space in the United States. Dallas is one of the fastest-growing large metropolitan areas within the United States. The majority of this growth has occurred along the Dallas Toll Road, creating the emergence of Legacy as the region’s premier office submarket for corporate relocation and expansion. The Apex at Legacy has immediate access to the Dallas Toll Road and the Sam Rayburn Tollway, which provides tenants with an easily accessible location for employees in the surrounding residential areas and direct access to the Dallas Fort Worth airport for business travel.