Friday, March 27, 2015
GE Capital consolidating huge operation in Las Colinas
One of the largest North Texas office leases so far this year has been signed in Las Colinas.
GE Capital has rented almost a third of the 6-building Riverside Commons office campus on State Highway 114.
The buildings formerly housed the U.S. headquarters campus for BlackBerry, the Canada-based mobile device maker.
GE Capital is taking 148,000 square feet of office space in the buildings, which were acquired last year by Canadian investor Brookfield Property Group. The company will start moving almost 700 people into the property in October.
The financial services firm is consolidating operations now housed in two Las Colinas buildings, said Johnny Johnson, executive managing director with commercial real estate firm DTZ who worked on the lease.
“They are also bringing some more people to Dallas,” Johnson said. “They looked at a lot of office options.
“But with the redevelopment of the buildings, they saw the campus as a real opportunity for growth.”
Brookfield is spending bout $5.5 million to renovate the buildings, said Johnson, whose firm represents the owners.
He negotiated the lease along with DTZ’s Trey Smith and Matt Heidelbaugh and Cribb Altman of Cushman & Wakefield.
Riverside Commons was built in the 1980s.
Ontario-based BlackBerry bought the buildings in 2009 when it had a large and growing employment base in Las Colinas.
But the company later downsized, fired thousands of workers and closed the Irving office. BlackBerry sold the buildings to Brookfield in 2014.
Steve Brown, The Dallas Morning News
Brookfield also owns a tract of land across the street from the buildings that can be used for construction.
“We can build a parking garage if we need to expand parking and add retail,” Johnson said. “We are going through design studies right now.”