Friday, February 20, 2015

$50 million redo in the works for Solana business park near D/FW Airport

The Solana office park buildings in Westlake which have been leased to First American Corp.

Solana Business Park located northwest of Dallas/Fort Worth International Airport is launching a major renovation of the 230-acre mixed-use project.

The plan is to spend more than $50 million in upgrades to the office park, which is located on State Highway 114.

Turner Construction is the general contractor and commercial real estate firm DTZ is marketing and managing the property.

Construction will include a exterior and interior renovations of the existing buildings, improvements to the retail space, a new parking garage and new landscaping.

“The redevelopment of Solana Business Park will lend further appeal to regional, national, and international companies looking to relocate operations in Texas.” Brian Driesse, director of asset management for Equity Office Properties, said in a statement.

Blackstone bought the office park, which was about 50 percent occupied, in September for a reported $180 million following a foreclosure.

The development includes almost 2 million square feet of office space, a hotel, fitness center, retail and about 70 acres of undeveloped land.

Blackstone – which owns Equity Office – also last year acquired the Four Seasons Resort and Hotel in Las Colinas.

Steve Brown, The Dallas Morning News