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Wednesday, June 10, 2015
TIG Will Build $31M Allen Office Building
Construction on the office building will get under way once one quarter of the space has been pre-leased.
ALLEN, TX--TIG Real Estate Services Inc. has announced plans to build Ridgeview Business Center, a $31-million, 154,000-square-foot, six-story office building set on eight acres optioned by Allen Economic Development Corporation (AEDC) along the Sam Rayburn Tollway between Stacy Road and North Watters Road.
Ridgeview Business Center will be the first office building developed in this corridor in Allen, which includes 1,300 acres of developable land stretching nearly six miles from U.S. 75 southwest to Custer Road between the Sam Rayburn Tollway south service road and Ridgeview Drive. Future land-use plans could likely include office, entertainment and mixed-use development along the corridor.
“The south side of Sam Rayburn Tollway, in Allen, is ready for corporate relocation,” Brad McJunkin, TIG’s director of acquisitions and development, told GlobeSt.com. “The schools, wide assortment of quality retail and entertainment venues give the citizens of Allen a quality of life that is second to none. I suspect many of the people who will work in the newly announced corporate facilities will live in Allen. Why not live, work, and play within five minutes of your home? And the corporations who locate here will save dramatically.”
Construction on the office building will get under way once one quarter of the space has been pre-leased. McJunkin says he anticipates the space will fill quickly at rates of $27.50, plus electric.
“With this site, we can be competitive in the market and value-conscious,” he said.
The AEDC has optioned the eight acres for phase one from nearby Cottonwood Creek Baptist Church, and an additional 17 acres owned by Betty Williams Trust southwest of the site for phases two and three, said AEDC executive director/CEO Dan Bowman. The 17-acre parcel could accommodate up to 500,000 square feet of office space, he said.
“Current plans call for phase one to be a multi-tenant building but, at this point, we have the flexibility to adapt the design for a build-to-suit corporate user,” said Bowman. “This site offers tremendous highway visibility and access, and nearby services that appeal to the corporate work force including restaurants, daycare, exercise facilities and more.”
The exterior has been designed by Gensler, with the top floor having a north-facing exterior balcony which will create a distinctive facade.
AEDC and TIG were self-represented on the transaction.