Category: North Texas

CBRE Relocating Corporate HQ to Dallas

Posted on by Sarah

CBRE Group Inc. is moving its corporate headquarters from California to Dallas, according to multiple sources with knowledge of the deal. The company is already a major player locally with at least four offices in North Texas, including its main office at 2100 McKinney Avenue in Uptown. CBRE’s current headquarters is listed as 400 South Hope Street in downtown Los Angeles. Some of CBRE’s top executives are already based in Dallas, including the company’s CFO, Leah Stearns, and CBRE’s global CEO of real estate investments, Mike Lafitte. The company’s local operations are headed by Michael Caffey, president of advisory services for the South-Central Division and Latin America. CBRE’s top executive is president and CEO Robert Sulentic, a former Trammell Crow Company chief executive who was named CEO of CBRE after the Los Angeles-based firm acquired the Dallas-based development and property management company in 2006.

Tech Company’s Move to Plano Sets the Stage for New Development

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A tech company’s move to Plano will enable a developer to move ahead with a new industrial park. TT Electronics, an international manufacturer of electronic components and service provider to manufacturers, is leasing 58,000 square feet in the Plano Commerce Center on Plano Parkway near Jupiter Road. The almost 180,000-square-foot industrial project was developed by Dallas’ Provident Realty Advisors. The two 90,000-square-foot buildings were the developer’s first industrial project in Plano. TT Electronics, based in England, is moving its North Texas operation from Carrollton to Provident Realty’s project. The tech company will join Airbus Solutions USA and Critical Electrical Systems Group as tenants in the project. “We only have about 30,000 square feet left,” said John Bunten, Provident Realty’s executive director of industrial development. That’s why the developer is buying a site nearby for more construction. “We are closing on the 66 acres just down the street,” Bunten said. “We hope to start the first phase of a project there in January with 300,000 square feet of office-flex industrial space in two buildings. Click to read more at www.dallasnews.com.

Lubbock Charter School Acquires 68,000-SF Site of Former Call Center

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Coldwell Banker Commercial represented ownership in the sale of a 68,124-square-foot former Convergys call center in Lubbock, Texas. The original asking price for the property was $7.5 million. The selling price was not disclosed. The office property is located at 3701 W Loop 289 and was constructed in 1997. The building is fully ADA compliant, has 490 parking spaces and is three miles from Texas Tech University. Operations were discontinued at the call center in 2018 after a Convergys-outsourced provider closed the center. Harmony Public Schools, out of Houston, was the buyer of the facility. “The Loop 289 property is an excellent and well-located facility, but a bit unique, so we had to find just the right buyer,” said Scott Womack of Coldwell Banker Commercial Capital Advisors. “The original intent was to close the sale this past Spring, but the pandemic delayed the original acquisition date. We worked closely with the buyer and seller to ensure that the deal stayed on track.” The buyer intends to use the location to house a charter school for grades 1 through 12. The Lubbock area has experienced consistent population growth over the past decade and, with growth, comes the demand for more educational facilities.

$500 Million, DART-adjacent Master Plan Underway in Addison, TX

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Cushman & Wakefield has been engaged by the town of Addison, Texas to solicit proposals for a master developer for an estimated 18-acre high-density, transit-oriented development opportunity within the nationally acclaimed Addison Circle urban district. Cushman & Wakefield’s engagement is the next step in the town’s efforts to maximize the benefits of the Dallas Area Rapid Transit (DART) Silver Line/Cotton Belt Corridor by creating a walkable, transit-oriented, mixed-use development adjacent to the future rail station in Addison, which could rival the development value of North Texas’ premiere regional destinations. Chris Harden, Maureen Kelly Cooper, Ryan Duffie and Michael Thomas of Cushman & Wakefield’s Dallas office will lead marketing efforts and provide brokerage and advisory services on behalf of the town of Addison. The team was chosen based on their notable experience representing public agencies locally and throughout Texas, including recently representing DART on the 11-acre Mockingbird Station East mixed-use, transit-oriented development and CapMetro in Austin on the Plaza Saltillo mixed-use, transit-oriented development Both projects are currently underway and represent nearly a billion dollars of development value around the rail stations. The Addison and Cushman & Wakefield team will collaborate with DART on the station-area build-out to effectuate similar type density within a walkable, mixed-use environment. “We’re pleased to have been selected by Addison to find a highly-qualified, forward-thinking mixed-use master developer who can build out the site to its full potential,” said Harden. “The unparalleled central location, access to transit, major employment, and proximity to high-traffic areas like Belt Line Road, a nationally-known hotspot for restaurants, and the exceptional quality of life the town of Addison affords make this a prime investment opportunity.” Addison is an affluent suburb located nearly equidistant from Dallas and Frisco with direct access to the Dallas North Tollway with its own executive airport. The future development’s location sits just south of Addison Circle, an award-winning development and one of original mixed-use developments in the country that set the standard for the “New Urbanism” movement—a planning and development concept that centers on walkability, access to residential and retail properties, and public spaces. When finished, the new development will be connected to a broader, 300-acre walkable urban district. “This future development will become an extension of Addison Circle and solidify its presence as a major regional destination, based not only on location, but in its design in that it will prioritize the experience of the people living, working, and visiting the community,” said Cooper. “We’re looking forward to working with Addison’s leadership and the development community to bring the Town’s vision to life and building on the legacy of the highly successful Addison Circle development.” The future Silver Line Rail Station in Addison will be part of the 26-mile Cotton Belt Corridor that extends between Dallas/Fort Worth International Airport and CityLine / Downtown Plano, providing access to major employment and attractions in the area. Addison envisions the new development at the future rail station will be an architecturally significant, world-class, regional destination consisting of high-density residential, creative and corporate office, boutique hotels, a grocery store, restaurants, and service-oriented retail within a well-designed, walkable framework. The new development will be a catalyst to a much larger vision for the area. The transit station is expected to be completed and operational by the end 2022 or the first quarter of 2023, with ground-breaking for the future development occurring within the same timeline. “We look forward to working with the Cushman & Wakefield team on this significant Addison transit-oriented endeavor,” said Addison Mayor Joe Chow. “We believe that their experience working on similar projects will help us find the right developer for this high-profile project that straddles two vital Addison landmarks: the Addison Circle District and DART’s Silver Line.”

Leasing Efforts Bring Three Texas Buildings to Full Occupancy

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Byron McCoy, a partner with Younger Partners, has filled up three buildings totaling 92,941 square feet of space in the past six months. The three fully occupied buildings are Metrocrest II Business Centre at 3033 Kellway Drive in Carrollton, Texas; 1200 Commerce Drive in Plano, Texas and 3365 Regent Boulevard in Irving, Texas. “Everyone is feeling it; these are tough times to make a new deal,” McCoy said. “But the timing was right for these deals. The tenants wanted to be in these specific areas, and we have very responsive owners who defer to their leasing teams’ market expertise and recommendations.” 3365 Regent Boulevard, which McCoy leases with Younger Partners broker Garrett Marler, was filled because the location was just what the tenant needed. That deal was brokered with Younger Partners broker Tanja McAleavey representing the tenant. Metrocrest II reached full occupancy with some organic growth of an existing tenant, as well as other leases (totaling 17,181 square feet.) The owners weren’t afraid to invest in improving the building and the rental rates were competitive to make a deal. The transaction at 1200 Commerce worked out because the owner made the right moves to help the tenant get into a great space for its specific needs. That tenant will be moving in at the end of October. McCoy has leased this building for 17 years. This is the third time he’s gotten this building to 100 percent occupied during this period. “We did some creative leasing deals and I have some great owners who maintain the buildings well and are willing to tackle obstacles that might give some tenants a reason to pause,” McCoy said. “Plus, I’m pretty tenacious and don’t want to let a possible deal slip away.”

New Skyscraper in the Works for Downtown Dallas’ South Side

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Almost 40-story tower would be the first phase of 18-acre mixed-use district. Developers are showing off plans for a new skyscraper proposed on downtown Dallas’ south side. Dallas-based Hoque Global and Lanoha Real Estate of Omaha are planning the Newpark mixed-use tower to be built on Canton Street near city hall. The almost 40-story high-rise would contain a combination of office, retail, hotel and residential space in a rapier-thin tower. The lower levels of the building would have retail and lobby areas with parking underground. The building was designed by Merriman Anderson Architects and Pickard Chilton. Moss Construction has been selected as the general contractor. The developers hope to break ground on the project in 2021. The proposed tower project is planned to include 225,000 square feet of offices, a 245-room hotel, 268 apartments and ground-level retail. “I have been working with the city behind the scene to create something different,” said Hoque Global CEO Mike Hoque. “It’s a transformative project “How to crate a project a project that will change south Dallas forever.” The high-rise would be the first phase of a 20-acre district of new buildings along Canton and Cadiz streets on the south side of downtown. The Newpark Dallas district that includes the new skyscraper is planned to include more than a million square feet of office space, 200,000 square feet of urban retail space, thousands of residential units and a four-star hotel. The so called Newpark “Smart District” is also envisioned with a 1 million-square-foot educational campus. Click to read more at www.merriman-maa.com.