Friday, August 21, 2015

Verizon campus in Richardson changes hands

A big Telecom Corridor office campus has changed hands. And the new owners plan to remodel and market the buildings to attract more business to Richardson.
The almost 400,000-square-foot, four-building campus at 2400 N. Glenville Drive is now occupied by Verizon. But the telecom company plans to move operations to other locations at the end of next year.
The new owner, Fort Worth-based Q Real Estate Holdings LLC, has hired commercial real estate firm DTZ to gear up the business campus just east of North Central Expressway.
“We are actively marketing the property and chasing all the big deals,” said DTZ senior managing director Trey Smith. “We think the buildings have great potential to house new corporate tenants.”
DTZ and Q Real Estate will either rent the entire complex to one company or break it up for three or four tenants, Smith said.
Built in 1989 for telecom firm MCI, the office campus was designed by award-winning architect HOK. The four buildings have landscaped courtyards that overlook a creek and greenbelt on the north side of the buildings. Inside, there’s conference facilities, a cafeteria, a fitness center and large lobby areas.
Parts of the complex were remodeled as recently as 2012.
“We’re going to clean up the courtyard areas and make them more usable by workers in the buildings,” DTZ managing director Clint Madison said.
The 35-acre campus has room for additional office construction and more parking. At one time Verizon had almost 2,000 people working in the buildings. Now only about a fourth of that total are housed there.
The campus is within walking distance of DART’s Galatyn Park commuter rail station.
CBRE marketed the buildings for sale and Q Real Estate won the property after it was shopped to several potential buyers.
“This site represents a terrific opportunity for us,” Tommy Ellis, director of Q Real Estate, said in a prepared statement. “2400 North Glenville is the ideal asset to add to our real estate portfolio as we continue to expand our platform.”
Q Real Estate Holdings is the real estate investing affiliate of Q Investments. The company said it has focused its investments in Texas, Arizona, Washington, Boston, Colorado and Nevada.
The Verizon campus is just the latest office property to change hands in Richardson.
Chicago-based GEM Realty Capital and Dallas’ Cawley Partners last month bought the two-building, 812,000-square-foot Lakeside campus on North Central Expressway.
And last fall, the 800,000-square-foot, four-building Galatyn Park office complex in the Telecom Corridor was purchased by California-based Spear Street Capital.
Richardson is one of the most popular office markets in North Texas, with thousands of workers moving to the Telecom Corridor for companies including State Farm Insurance, Raytheon and RealPage.
Geico Insurance just rented a building on Greenville Avenue where it plans to move more than 1,000 workers from Farmers Branch.
And Allen’s Frontier Communications is in talks to rent another large office block in Richardson, real estate brokers say.
Steve Brown/Dallas Morning News