IRVING, TX—The Towers at Williams Square located at 5221 N. O'Connor Blvd. are composed of a 26-story central tower flanked by two 14-story towers. An adjacent five-story tower rounds out the space.
The towers are owned in partnership between an investment fund managed by a subsidiary of Apollo Global Management, Vanderbilt Office Properties and Hillwood Urban. The partnership has renewed two long-term leases of approximately 110,000 square feet of combined office space. Franklin American Mortgage Company is renewing 58,200 square feet, while C-III Asset Management LLC is extending its lease for 51,400 square feet.
C-III, a commercial real estate loan service provider and subsidiary of C-III Capital Partners, is occupying two floors in the four-tower complex that is the centerpiece of the Las Colinas Urban Center. The new design will capitalize on the open-floor concept and include glass-enclosed office spaces, as part of the growing trend in office design.
The NAI Robert Lynn team first worked with C-III in the sale of the former Blockbuster distribution center in McKinney. C-III reached out to NAI Robert Lynn last summer in search of a new space for its growing team. C-III toured seven properties in Las Colinas and decided on a long-term lease in its current building, with new floors and interior redesign.
“With a staff of nearly 200 people who travel frequently, proximity to the airport was important to us,” said Barry Davis, COO for C-III. “We also wanted to be close to the new restaurants and retail coming with the Water Street development taking place right next door. With the help of NAI Robert Lynn, we secured a great deal to stay in our current building, while redesigning it to fit our current and future needs.”
NAI Robert Lynn's Tom Lynn, chairman and office division president, and Zach Stevens, Irving, Las Colinas market director represented C-III in the transaction. Lynn and Stevens worked with Joe Akers at C-III on the significant lease renegotiations and Bill Brokaw with Hillwood Urban represented the landlord. C-III is expected to move into its updated space in early fall.
“With office lease activity at an all-time high, in-depth market knowledge and submarket expertise is crucial,” Lynn tells GlobeSt.com. “NAI Robert Lynn is committed to its core philosophy of having the most informed team of brokers in the industry, which is why we've been so successful in securing the best deals for our clients like C-III. There are several exciting developments taking place near Williams Square, and with the ability to redesign the space to fit their growing needs, we are confident C-III's new office will be the perfect location for many years to come.”
The building is within walking distance to the $173 million 17-acre Irving Music Factory at Las Colinas mixed-use project with a 250,000-square-foot entertainment center, restaurants and retail space located in the heart of the iconic Las Colinas Urban Center. It is also in close proximity to the $100 million Water Street project, which will add more than 60,000 square feet of shops, eateries and apartments.
The Music Factory project will begin opening in phases and include a 100,000-square-foot office tower that will serve as the international corporate headquarters of Ethos Group. Starting Labor Day weekend and ramping up through the end of 2017, new restaurants and entertainment venues will open nearly every week. This activity will culminate with a grand opening celebration December 8 through 10 produced by the project developer, North Carolina-based ARK Group.
The first venue to open will be The Pavilion, an indoor/outdoor concert venue that can host 2,500 guests in an intimate theater setting, 4,000 guests for an indoor upscale arena experience or expand into an indoor/outdoor open-air pavilion for 8,000 guests. Inaugural performances will kick-off August 31 and September 1 with sold-out shows.
Following the opening of the Pavilion, a steady stream of 25 restaurant and entertainment concepts will include Alamo Drafthouse 8 Screen Movie Theater, Bar Louie, Bar Manzanilla, Grimaldi's Coal Brick Oven Pizza, Highway 61 South, Kabuki Japanese Restaurant, Martini Ranch, MaxFrut, Texas' First Frozen Whole Fruit Bar, Texas Jam House & Marketplace, Thirsty Lion Gastropub & Grill, Top Round Roast Beef, Uncle Gino's Cucina Italiana and Yard House.
Las Colinas is considered by many real estate developers as a model for master-planned communities. It is located midway between Dallas Fort Worth International Airport and Dallas Love Field, directly along State Highway 114 and in close proximity to Interstate 35E. The presence of the DART rail line connecting Las Colinas to Dallas Fort Worth International Airport is a plus for travelers.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
