Wednesday, September 24, 2014

Huge Richardson Telecom Corridor office campus bought by California investor

The four Galatyn Park buildings contain 800,000 square feet. (HFF)
A California-based investor has purchased one of the largest office blocks in Richardson’s Telecom  corridor.
Spear Street Capital said Tuesday that it has bought the  800,000 square foot, 4-building Galatyn Park office complex located just east of North Central Expressway. The San Francisco-based investor had the property under contract for several months.
The buildings are currently leased to State Farm Insurance and Bank of America.
State Farm will begin moving out of  the project next year when it relocates to its new campus at the CityLine complex on Bush Turnpike. It’s leases expire starting in 2016.
The new owner plans to invest “significant capital” to remodel the buildings, add amenities and set up a shuttle service between the property and CityLine, according to Cassidy Turley, which has been hired to lease the property along with Peloton Commercial Real Estate.
HFF marketed the buildings for sale. Terms of the purchase were not disclosed.
The project was sold by a partnership headed by Dallas-based investor Champion Partners which acquired the properties in 2010 and 2013.
The buildings  – which originally housed operations for Nortel Networks – were constructed between 1997 and 2000.
Founded in 2001, Spear Street Capital has invested in more than $3 billion in real estate nationwide.
It has significant holdings in the Austin area and also owns office buildings in Plano’s Legacy business park.