Investment in Las Colinas Office Space
A Dallas investor has scooped up an office tower in Las Colinas, bringing his holdings in the area to nearly half a million square feet.
On Thursday, DFW Land announced it acquired Corporate Point, an approximately 242,000-square-foot 10-story office tower at 5615 Highpoint Drive in Las Colinas, a master planned community in Irving.
Background of the Property
The property, which was built in 1981 and renovated in 2007 and 2015, was previously owned by health care tech firm Gainwell Technologies. Gainwell said it plans to lease back the space for three months before permanently vacating.
Transaction Details
Weitzman brokers Creighton Stark and Matthew Rosenfeld brokered the all-cash sale of the property for an undisclosed amount. David Davidson represented the buyer in the transaction.
“Corporate Point brings both a leasing opportunity with best-in-class building amenities for companies needing immediate occupancy, as well as the ability to tackle the currently active corporate build-to-suit market of Las Colinas with the additional developable 7.5 acres,” Stark said.
Investor’s Plans
DFW Land principal Vijaya Borra said the purchase was motivated by plans to attract businesses across a slew of industries to tenant his property. In addition to the Corporate Point purchase, Borra previously acquired neighboring 1333 Corporate Drive.
“We’ve got half a million square feet of office space in the Las Colinas market we purchased in the last year that we’re working on. We’re looking for anybody who is interested in coming to the Las Colinas market,” Borra said. “There’s lots of office space in the area, so we have to compete with what’s existing so we’ll have to create amenities that will work in that market.”
Future Development
He said plans are in the works to develop the remaining 7.5 acres on the property, but did not reveal any details.
Las Colinas Market
Las Colinas is home to notable projects including Wells Fargo’s sprawling new 850,000-square-foot campus spread across two 10-story buildings on a 22-acre site.
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Conclusion
The acquisition of Corporate Point by DFW Land marks a significant investment in the Las Colinas office space market. With plans to attract businesses across various industries and develop the remaining 7.5 acres on the property, this deal is expected to have a positive impact on the local economy.
Frequently Asked Questions
Q: What is the size of the office tower acquired by DFW Land?
A: The office tower, Corporate Point, is approximately 242,000 square feet and has 10 stories.
Q: Who was the previous owner of the property?
A: The previous owner of the property was health care tech firm Gainwell Technologies.
Q: What are the plans for the remaining 7.5 acres on the property?
A: Plans are in the works to develop the remaining 7.5 acres on the property, but details have not been revealed.
Q: What is the current state of the Las Colinas office space market?
A: The Las Colinas office space market is highly competitive, with many existing office spaces available. DFW Land plans to create amenities that will attract businesses to their property.
