Monday, August 27, 2012

Irving office complex sold; redo ahead


The sale of three Irving office buildings means a new headquarters campus for a major medical firm.
The redevelopment of the former Associates Corp. complex will also fill one of the largest empty blocks of office space in Las Colinas.
A partnership set up by local investors Wolverine Interests and Fairways Equities bought the 539,000-square-foot office center at 250 E. John Carpenter Freeway from a unit of investor Behringer Harvard.
The buildings were constructed in the late 1970s and early 1980s as the Associates Corp. headquarters. And after Citigroup bought Associates in 2000, it continued to house workers there.
But the high-profile buildings have been empty since Citigroup left for newer office space several years ago.
The new owners plan to start work immediately.
“We are going to spend about $5 million redoing all the common areas in the buildings and adding a parking garage,” said Jim Leslie, principal with Wolverine Equities, a private property investment firm. “It’s going to be like a brand new project.”
The new owners have signed a large office lease with health care company VHA Inc. to move its national headquarters into the project. VHA is now in buildings across the highway in the Las Colinas Urban Center.
VHA has committed to a 300,000-square-foot lease at the property and will relocate after the work is done in October 2013.

By STEVE BROWN

Real Estate Editor

Dallas Morning News