CBRE A Big Winner At Dallas Business Journal’s Best Real Estate Deals
DALLAS – May 1, 2017 – CBRE transactions and professionals were recognized at the Dallas Business Journal’s 2017 Best Real Estate Deals. The annual event honors the top commercial real estate projects in Dallas-Fort Worth from the previous year, as well as the key professionals who made them happen.
CBRE was involved in the following award-winning deals:
Deal of the Year/Best Commercial Property Sale: The Campus at Legacy West, John Alvarado, Gary Carr, Jeff Ellerman, Chelby Sanders, Russell Ingrum, Eric Mackey, Robert Hill, Josh White, Sean Goff, Brian Straley, Richard Rizika
The sale of the Campus at Legacy West (the former JCPenney home office) was one of 2016’s largest and highest-profile transactions across the state of Texas. It encompassed the sale of the existing 1.8 million square foot office building and roughly 45.2 acres of developable land surrounding the campus. The Campus at Legacy West was one of the most compelling assets in the country due to its size and scale and the opportunity to reposition the campus. As a result, it attracted interest from a wide variety of U.S. and global buyers.
Best Outside Relocation: Charles Schwab Regional Headquarters, Josh White, Chelby Sanders
Charles Schwab, one of the nation’s largest financial services providers, invested $100 million to develop a regional corporate campus at the junction of State Highway 114 and State Highway 170 in Westlake. Originally intended for 1,200 employees, the 70-acre campus project at Circle T Ranch has since expanded to accommodate up to 5,000 workers with the most modern features, including flexible interior designs and graffiti art walls. The 500,000-square-foot Schwab development will serve as the anchor tenant of a 130-acre, 2-million-square-foot mixed-use project at Circle T that’s being developed by Hillwood and The Howard Hughes Corp. Construction on the Schwab campus, which benefited from a $6 million grant from the Texas Enterprise Fund, is scheduled to begin this year and should be completed in 2019.
Best Lease Renewal: The Container Store, Jack Fraker
The Container Store signed a 145,965 square foot expansion at their existing headquarters in Coppell. In addition to this expansion, The Container Store elected to sign an extension through April of 2025 that includes the expansion space, for a total square footage of 1,101,500.
Best Industrial Deal: CentrePort Business Park, Dave Anderson, Steve Koldyke
Hillwood is developing Class A industrial properties called Buildings 1-9 at the 1,300-acre CentrePort Business Park, just south of Dallas/Fort Worth International Airport and east of State Highway 360. The industrial facilities total 2.47 million square feet and offer such features as skylights for natural light, 32-feet to 36-feet clear heights, and ample trailer and auto parking.
Best Industrial Lease: Project Carlsbad, Dave Anderson
“Project Carlsbad” was a 1.44-million-square-foot build-to-suit for toy manufacturer Lego Systems, one of the top clients of developer/logistics firm DHL. Located near Interstate 35W and Loop 820 in Fort Worth, the development was extremely complex, requiring construction of a public road, relocation of a subterranean natural-gas line, and approval for tax-exempt status as a foreign trade zone. To further complicate things, the huge warehouse, which cost a reported $50 million-plus, was built in eight months during one of the heaviest rain seasons experienced in North Texas in years. The project was sold later by DHL, but the toymaker remains in the building on a long-term lease.
Best HQ/Campus: JPMorgan Chase & Co. Corporate Campus, Jeff Ellerman, Scott Hobbs, John Ellerman
JPMorgan Chase & Co. decided to consolidate its North Texas operations into a new, regional operations campus in Plano’s Legacy West development. The $300 million-plus, 1-million-square-foot project will sit on 50 acres at the corner of State Highway 121 and the Dallas North Tollway, a stone’s throw from Liberty Mutual’s new regional headquarters and Toyota’s new North American headquarters. Construction of the campus began in May of 2016, and employees are expected to start moving in during the second half of 2017.
Best Urban Office Lease: PwC at Park District
PwC, a leading professional services firm providing quality assurance, tax and advisory services, signed a long-term lease for approximately 200,000 square feet at Park District, a 916,000-square-foot mixed-use project that sits at the doorstep of the City’s Klyde Warren Park. PwC is the lead anchor of this new building being developed by Trammell Crow Company and joint venture partner MetLife and will occupy floors 12-19 of the office building. Construction is slated to begin in early 2016 with completion expected in the fourth quarter of 2017.
Best Mixed-Use Development: Park District, Scott Krikorian (TCC), Dennis Barnes, Celeste Fowden, Clay Gilbert and Phil Puckett
Park District Tower is a 20-story office tower comprised of approximately 500,000 square feet of Class A office space and 7,000 square feet of ground floor retail. The tower is served by four levels of below grade parking. It will feature an executive lounge, first-class fitness facility, collaborative workspaces, onsite restaurants, outdoor amenity spaces, balconies for tenant use, on-site banking and valet. In addition to the office tower, Park District includes a 34-story, 253-unit luxury residential tower with 13,000 square feet of retail space built by TCC’s residential subsidiary High Street Residential. The two towers will be connected via a plaza designed by the Office of James Burnett, the landscape architecture firm that designed Klyde Warren Park.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.